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Commerce
Sole Proprietorship
Quiz 3
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Q.1
Which of the following is the limitation of the Sole trader?
Unlimited liability
Limited source of capital
Unbalanced management
All of the above
Q.2
Profits do not have to be shared. This statement refers to
Partnership
Joint Hindu family business
Sole proprietorship
Company
Q.3
Sole proprietorship is more suitable for large-scale business.
True
False
Q.4
A sole proprietor has
Limited liability
Unlimited liability
No liability for debts
Joint liability
Q.5
One disadvantage of sole proprietorship includes
owner keeps all the profit
owner has complete control
no legal requirements to set up
personalized services to customers
owners have unlimited liability
Q.6
Which is the simplest form of business organization?
sole proprietorship
partnership
franchise
none of the above
Q.7
The minimum number of persons required to form a partnership is
1
2
5
10
Q.8
Stephen and Mike start a consulting service to help businesses manage their trademarks and patents. They are the only partners, sharing equally in the work, profits, and losses.
Limited Partnership
Limited Liability Partnership
General Partnership
Q.9
Rosa and Serena carefully review expansion plans after new partners provide extra funds. However, they know that they remain fully liable if their decisions are not sound.
Limited Liability Partnership
Limited Partnership
General Partnership
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