Characteristics of Sole Proprietorship Quiz

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5 Questions

What type of liability does a sole proprietor have?

Unlimited liability

Which of the following is a characteristic of a sole proprietor?

Unlimited liability

In terms of ownership, a sole proprietorship is owned by:

One individual

What is the structure of a sole proprietorship in terms of ownership?

Single ownership

Match the following characteristics with a sole proprietorship:

Single owner = Sole decision-maker Unlimited liability = Personal assets at risk Simple to establish = Minimal legal formalities Taxed as individual = Pass-through taxation

Test your knowledge about the characteristics of a sole proprietorship with this quiz. Questions cover aspects such as ownership, liability, and structure of a sole proprietorship.

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