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Sole Proprietorship Basics Quiz

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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?

Unincorporated business owned by one individual (A) Signup and view all the answers

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

Unlimited liability (C) Signup and view all the answers

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

Passive investing like holding bonds (C) Signup and view all the answers

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

Professionals such as doctors and lawyers (B) Signup and view all the answers

What is the most common business structure today?

Incorporation (B) Signup and view all the answers

Sole Proprietorship Basics Quiz

Choose a study mode

Podcast

Questions and Answers

What is a sole proprietorship?

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

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

What is the primary characteristic of a sole proprietorship?

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

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

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

What is the most common business structure today?

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