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Questions and Answers
What is the term UNLIMITED LIABILITY?
What is the term UNLIMITED LIABILITY?
- The business owner's personal assets are at risk if the business fails (correct)
- The business owner is not liable for any business obligations
- The business owner has no personal liability for business debts
- The business owner's liability is limited to the amount invested in the business
What kind of business is a sole proprietorship?
What kind of business is a sole proprietorship?
- A business owned by multiple individuals
- A business owned by the government
- A business owned by a corporation
- A business owned by a single individual (correct)
What is another name for sole proprietorship?
What is another name for sole proprietorship?
- Partnership
- Sole trader (correct)
- Corporation
- Limited liability company
What is a benefit of being a sole trader?
What is a benefit of being a sole trader?
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What is the responsibility of a sole trader regarding business accounts?
What is the responsibility of a sole trader regarding business accounts?
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What happens to the profit in a sole proprietorship?
What happens to the profit in a sole proprietorship?
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What is a disadvantage of being a sole trader?
What is a disadvantage of being a sole trader?
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Why might a sole trader face difficulty in expanding the business?
Why might a sole trader face difficulty in expanding the business?
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What is a benefit of being a sole trader?
What is a benefit of being a sole trader?
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What is a disadvantage of being a sole trader?
What is a disadvantage of being a sole trader?
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What is required for a sole trader if sales reach a certain amount?
What is required for a sole trader if sales reach a certain amount?
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What happens to the profit in a sole trader business?
What happens to the profit in a sole trader business?
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What is a characteristic of sole trader businesses?
What is a characteristic of sole trader businesses?
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