Sole Proprietorship — Important Questions
ICSE · Class 9 · Commercial Studies
62 important questions from Sole Proprietorship for ICSE Class 9 Commercial Studies, with answers. Part of the ICSE Class 9 Commercial Studies syllabus.
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Important Questions from Sole Proprietorship
Which statement best describes the legal position of a sole proprietorship?
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It has no legal identity separate from its owner
A sole proprietorship and its owner are not separate in law.
What does unlimited liability mean in sole proprietorship?
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The proprietor is personally liable for business debts
Unlimited liability means the proprietor is personally responsible for the debts of the business.
Who gets all the profits in a sole proprietorship?
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The sole proprietor
There is no profit-sharing in sole proprietorship, so the proprietor gets all profits.
Which is a common example used to explain sole proprietorship?
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Sneha and her little bakery
Sneha’s little bakery is used as an example of one person owning and running a business alone.
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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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