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Questions and Answers
Which advantage of being a sole trader is NOT mentioned in the text?
Which advantage of being a sole trader is NOT mentioned in the text?
- Control of decisions
- Ease of formation
- Retention of profits
- Tax advantages (correct)
Which disadvantage of being a sole trader is NOT mentioned in the text?
Which disadvantage of being a sole trader is NOT mentioned in the text?
- Limited capital
- Limited operating/management skills (correct)
- Unlimited liability
- Unstable business life/lack of continuity
Which of the following is NOT an advantage of being a sole trader according to the text?
Which of the following is NOT an advantage of being a sole trader according to the text?
- Hiring employees (correct)
- Fewer gov't. regulations
- Pride of ownership
- Flexibility
Study Notes
Sole Trader
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Description
Test your knowledge on the advantages and disadvantages of sole traders, a type of business owned by one person. This quiz will cover topics such as ease of formation, tax advantages, control of decisions, unlimited liability, limited capital, and more. Find out how well you understand the pros and cons of operating as a sole trader.
