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Questions and Answers
Who can own and manage a sole proprietorship?
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?
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?
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?
Who retains the profits in a sole proprietorship?
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What is a disadvantage of a sole proprietorship?
What is a disadvantage of a sole proprietorship?
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What is a necessary condition for an asset to exist?
What is a necessary condition for an asset to exist?
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What is the primary characteristic of an asset in terms of its potential benefits?
What is the primary characteristic of an asset in terms of its potential benefits?
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Which of the following is NOT a prerequisite for an asset?
Which of the following is NOT a prerequisite for an asset?
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What is implied by 'control' in the context of an asset?
What is implied by 'control' in the context of an asset?
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What is NOT considered an asset?
What is NOT considered an asset?
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