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Sole Proprietorship Basics Quiz
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Sole Proprietorship Basics Quiz

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@AppealingElation

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Questions and Answers

What is a sole proprietorship?

  • A public company traded on the stock exchange
  • A corporation owned by a group of people
  • A partnership between several professionals
  • An unincorporated business owned by one individual (correct)

    • Which activity is a sole proprietorship not allowed to engage in?

  • Managing business operations
  • Offering services
  • Selling products
  • Passive investing in bonds or GICs (correct)

    • What business structure is most common for professionals such as doctors and lawyers today?

  • Incorporation (correct)
  • Partnerships
  • Cooperatives
  • Sole proprietorships

    • What is the primary characteristic of a sole proprietorship?

    <p>Unincorporated business owned by one individual</p> Signup and view all the answers

    What is the distinct attribute of running a business as a sole proprietorship?

    <p>Unlimited liability</p> Signup and view all the answers

    What kind of investing is a sole proprietorship not allowed to engage in?

    <p>Passive investing like holding bonds</p> Signup and view all the answers

    Who traditionally operated as sole proprietors or partners in the past?

    <p>Professionals such as doctors and lawyers</p> Signup and view all the answers

    What is the most common business structure today?

    <p>Incorporation</p> Signup and view all the answers

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