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Commerce
Sole Proprietorship
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Q.1
Which of the following is an advantage of a partnership?
Unlimited Liability
Arguments
Shared responsibility
Less investors
Q.2
Which of the following is not the feature of the sole trade?
Individual ownership
Limited liability
Secrecy
Undivided risk
Q.3
Which of the following is not the advantage of the sole trader?
Easy formation
Quick decision
Unlimited liability
Personal control
Q.4
Final account includes
Trial balance
journal entries
trading account ,profit and loss account and balance sheet
ledger account
Q.5
Which of the following is NOT a type of business ownership?
partnership
sole proprietorship
entrepreneurship
franchise
Q.6
Nike, Google and Apple are examples of.....
Sole Proprietorships
Partnerships
Corporations
Franchises
Q.7
Closing stock is recorded in trading account and ___________________________
balancesheet liablity side
balancesheet asset side
profit and loss account
trading account debit side
Q.8
Sole Proprietorship is most suitable for
Medium scale concerns
Large scale concerns
Small scale concerns
None of the above
Q.9
Which of the following is a type of business which operates as a separate legal entity?
corporation
franchise
partnership
sole partnership
Q.10
Which of the following is the process of issuing loans in small amounts?
macrolending
microlending
granting
leasing
Q.11
How is a corporation different from a sole proprietorship or partnership?
A corporation has only one or two owners.
A corporation is usually owned by one person.
A corporation requires a legal charter with the state.
The owners (stockholders) have limited liability.
Q.12
An amount written in parentheses on a financial statement indicates an estimate.
True
False
Q.13
This type of business is owned by one person.
Partnership
Sole Proprietorship
Corporation
Franchise
Q.14
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
Sole Proprietorship
Partnership
Corporation
Franchise
Q.15
Owners share the risks and the profits.
Proprietorship
Partnership
Corporation
None of the above
Q.16
This type of organization is a legal entity separate from its owners.
Sole proprietorship
Partnership
Corporation
Franchise
Q.17
Owned by two or more individuals.
Proprietorship
Partnership
Corporation
None of the above
Q.18
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
Sole Proprietorship
Partnership
Corporation
Franchise
Q.19
McDonald's and Burger King are examples of....
Sole Proprietorships
Partnerships
Corporations
Franchises
Q.20
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
Sole Proprietorship
Partnership
Corporation
Franchise
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