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Business Studies

Features of Sole Proprietorship

In sole propr...

Question

In sole proprietorship, the owner takes all decisions and is in full control of the business.

A

True

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B

False

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Solution

The correct option is A
True

True. Sole proprietorship, the owner takes all decisions and is in full control of the business which leads to quick decision making.

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Q. Which of the following statement is/are TRUE and which is/are FALSE?
I. Sole proprietorship business includes only shopkeepers.
II. In sole proprietorship business the proprietor has full control over each and every activity of the business.
III. The sole proprietor is always in a position to maintain good personal contact with the customers and employees.
Select the correct answer from the options given below:

Identify the merits or limitation of sole proprietorship hidden in the quoted line.

(a) "The sole proprietor can easily change the size of the business."

(b) "All the profits of the business belong to the sole proprietor."

(c) ''Inability of the owner to manage all the activities of business himself.

Q. Answer is Yes or No:
(a) The sole proprietor is the exclusive master of his business.
(b) The liability of a sole proprietor is limited.
(c) A sole proprietorship has no legal existence apart from its owner.
(d) Sole proprietorship is the oldest form of business organisation.
(e) It is difficult to set up a sole proprietorship.

Q. Sole Proprietorship business is suitable for _________.

The structure in which there is separation of ownership and management is called

(a) Sole proprietorship

(b) Partnership

(c) Company

(d) All business organisations

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