Accounting Asked by: johnnybgood12345-ga List Price: $15.00: Posted: 26 Oct 2005 12:29 PDT Expires: 25 Nov 2005 11:29 PST Question ID: 585243 I have an internet business. Understand the concept clearly by consistently practicing the Multiple Choice Questions and score well in your […] In other words, if a business cannot meet its financial obligations, creditors can seek repayment from the entity’s owner, who must use his or her personal assets to repay outstanding debts or other financial obligations. There are many examples of a sole proprietorship; a crafter who sells his craft at fairs, freelance workers, virtual assistants etc. 21 Questions Show answers. Sole proprietorship business can be started by (A) Private Company (C) at least two persons A sole proprietor has a limit in which of the following ability (D) Joint Hindu family business, 8. Answer. Furthermore, a sole proprietor is a natural person(not a legal person/entity) who fully owns and manages this type of entity. Log in for more information. 30 seconds . The reason for the end of the sole proprietorship can be 8. False. Answer: (B) 8. Starting a sole proprietorship requires no paperwork -- all you do to create a sole proprietorship is simply go into business. s. Get an answer. I anticipate netting $400,000 USD this year. (D) All the above, 10. 1. Modern Finance. Home. A sole proprietorship was started on January 1, 2018, when it received $60,000 cash from Marlin Jones, the owner. Sole Proprietorship Objective Questions. Answers: 2 on a question: Jerry foster is a sole proprietorship who owns a canoe renting business. Although you do not have to file paperwork to set up a sole proprietorship, you do still have … (C) Death March 17, 2018 . C. large claims on profits. Sole proprietorship business owner has, For more such interesting MCQs on various Commerce topics visit here, Your email address will not be published. (B) Business owned by several companies (A) Company (B) Sole proprietorship (C) Partnership (D) Joint Hindu family business. Answer to Multiple Choice Questions 1. Question: Carol Carried On A Consulting Business As A Sole Proprietorship. She Met Steven Stevenson At A Conference. Runaway Bride Movie In Hindi Downloadgolkes. Below, You will find a list of Commerce MCQ Questions as per the latest prescribed syllabus. Home / Questions & Answers / Business Formation / Sole Proprietorship Sole Proprietorship. Most Asked Technical Basic CIVIL | Mechanical | CSE | EEE | ECE | IT | Chemical | Medical MBBS Jobs Online Quiz Tests for Freshers Experienced. Median response time is 34 minutes and may be longer for new subjects. B. LegalZoom makes forming an LLC simple, and will help with any additional requ... Heather F. ∙ January 19, 2017 Read more . Home » Commerce Objective Questions » 300+ TOP MCQs on Sole Proprietorship and Answers. In which form of business there is no need to share profits. Next year, however, I might not make any money. Firstproof Pro 5 2 Keygen 12. March 15, 2018. Assess your understanding of the characteristics of sole proprietorships with an interactive quiz and printable worksheet. It is a sole proprietorship and is taxed as such. (B) Public Company Beginning a sole proprietorship is extremely simple and doesn’t require a formal filing or paperwork process. The life of sole proprietorship business is _____ (a) Unstable (b) Stable (c) Very short life (d) Long life. The Profits Of A Sole Proprietorship Are Subject To Double Taxation. A sole proprietorship is a form of business enterprise owned, financed, and managed by one person with the primary aim of making profit. Following are some of the sole proprietorship multiple choice questions and answers that will help the students in brushing up their understanding of the concept of the business form of sole proprietorship. In which form of business there is no need to share profits. A sole proprietorship is the simplest and most common structure chosen to start a business. Question 1 . The changes in the Cash in Bank account are reported in the statement of changes in owner's equity. (A) Indian Contract Act Objective Type Questions. (D) Long life, 7. Often these are single self employed individuals but not necessarily. Question 6 a) Compare these three business entities: C-Corp, LLC, and Sole proprietorship, on the following aspects: 1. Answer: (C) 7. Median response time is 34 minutes and may be longer for new subjects. It does not need to be registered or incorporated. Sole Trading Concern/Sole Proprietorship is an informal type of Business Organization which is owned, managed and controlled by an individual What are the advantages of Sole Proprietorship/Sole Trading Concern? During 2018, the company earned $35,300 in cash revenues and paid $16,200 in cash expenses. About Us. (C) Small scale concerns March 17, 2018. B. high start-up costs. (B) Very short life (B) Large scale concerns (A) Company Answer: C. 2. It is one of the most common forms of business structure that is found in India. (D) Limited Liability, Your email address will not be published. (C) Partnership A: Mural advertisement is the oldest way of advertising your products or services. C.Business owned by one person. jerry's employee, terry gibbs, greets customers at the company's office, loads the customers and their rented canoes onto a van, provides them with safety instructions and drives them upstream. (C) Private Indian A Sole proprietor concern is free from regulation by. Jones withdrew $1,000 cash from the business during 2018. How are the working hours? (B) Government Most popular Sole Proprietorship Questions. 2.99 See Answer. One of the disadvantages of a sole proprietorship is A. danger to your personal assets. 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