Sole Proprietorship Business Quiz
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Questions and Answers

What type of business is a sole proprietorship?

  • Public company
  • Private company
  • Owned and operated by one person (correct)
  • Partnership
  • In a sole proprietorship, who is responsible for all the business's debts and obligations?

  • Shareholders
  • Government
  • Creditors
  • The owner (correct)
  • What is a key characteristic of a sole proprietorship?

  • Lack of legal formalities
  • Issuance of stock to raise capital
  • Multiple owners with shared liability
  • Unlimited liability for the owner (correct)
  • Study Notes

    What type of business is a sole proprietorship? In a sole proprietorship, who is responsible for all the business's debts and obligations? What is a key characteristic of a sole proprietorship?

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    Description

    Test your knowledge on sole proprietorship with this quiz. Explore the type of business, responsibility for debts and obligations, and key characteristics of a sole proprietorship.

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