Sole Proprietorship Quiz
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Questions and Answers

Which form of business ownership has a single owner who usually actively manages the company?

  • Sole proprietorship (correct)
  • Unlimited liability
  • Partnership
  • Corporation

    • What happens to company earnings in a sole proprietorship?

  • They are reinvested in the business
  • They are treated as the owner's income (correct)
  • They are used to pay off business debts
  • They are distributed among the employees

    • What is the personal responsibility of the owner in a sole proprietorship regarding company debts?

  • They are responsible for company debts (correct)
  • They can transfer the responsibility to employees
  • They are not responsible for company debts
  • They can share the responsibility with other partners

    • What is unlimited liability?

    <p>When businesses cannot pay their bills</p> Signup and view all the answers

    What is a partnership?

    <p>A form of business ownership with multiple owners</p> Signup and view all the answers

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