Various Business Entities — Practice Quiz
ICSE · Class 12 · Business Studies
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What is the best definition of sole proprietorship?
Which feature belongs to a sole proprietorship firm?
What is the legal status of a sole proprietorship firm?
Which person defined sole proprietorship as a business that is carried on exclusively by and for himself?
Sample Questions
Which author said that sole trader business is a type of business unit where one person is solely responsible for capital, risk and management?
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J.L. Hansen
J.L. Hansen defined sole trader business in terms of one person being responsible for capital, risk and management.
Which statement best describes unlimited liability in sole proprietorship?
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The proprietor may have to sell personal property to pay business debts
Unlimited liability means business debts can extend to the proprietor's personal property if business assets are not enough.
What is the usual scale of operation in a sole proprietorship firm?
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Very small scale
Sole proprietorship firms usually operate on a very small scale because one person provides the funds and control.
Which of the following is a feature of sole proprietorship related to government control?
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Minimum government regulation
Sole proprietorship has freedom of operation and minimum government regulation.
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