Recent

  • Show all results for ""

🎧 New: AI-Generated Podcasts Turn your study notes into engaging audio conversations. Learn more

Sole Proprietorship in Business
10 Questions
0 Views

Sole Proprietorship in Business

Created by
@NicerFable

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Who can own and manage a sole proprietorship?

  • Omani nationals or GCC nationals (correct)
  • Both Omani and non-Omani nationals
  • Any foreign national
  • Only Omani nationals

    • What happens to a sole proprietorship when the owner dies or exits the firm?

  • It continues to exist as a separate entity
  • It ceases to exist (correct)
  • It becomes a partnership
  • It is taken over by the government

    • What is one of the advantages of a sole proprietorship?

  • A person can easily start and make decisions (correct)
  • It is a complex business structure
  • It requires many government regulations
  • Easy to raise funds

    • Who retains the profits in a sole proprietorship?

    <p>The owner</p> Signup and view all the answers

    What is a disadvantage of a sole proprietorship?

    <p>It is difficult to raise funds</p> Signup and view all the answers

    What is a necessary condition for an asset to exist?

    <p>A past event or transaction has occurred</p> Signup and view all the answers

    What is the primary characteristic of an asset in terms of its potential benefits?

    <p>Contributing to the flow of cash or cash equivalents</p> Signup and view all the answers

    Which of the following is NOT a prerequisite for an asset?

    <p>Physical form</p> Signup and view all the answers

    What is implied by 'control' in the context of an asset?

    <p>The entity has the ability to direct the use of the item</p> Signup and view all the answers

    What is NOT considered an asset?

    <p>An anticipated purchase next month</p> Signup and view all the answers

    More Quizzes Like This

    Sole Trader Mastery Quiz
    13 questions

    Sole Trader Mastery Quiz

    HilariousAwe avatar
    HilariousAwe
    Pros and Cons of Sole Proprietorship
    11 questions

    Pros and Cons of Sole Proprietorship

    SimplifiedSun avatar
    SimplifiedSun
    Sole Proprietorship Basics Quiz
    12 questions

    Sole Proprietorship Basics Quiz

    QuieterBirch avatar
    QuieterBirch
    Sole Proprietorship Business Structure
    50 questions

    Sole Proprietorship Business Structure

    VersatileYellow7573 avatar
    VersatileYellow7573
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser