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Introduction to NPO

Person doing ...

Question

Person doing business solely is known as ________.

A

single person

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B

sole proprietor

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C

company

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D

partner

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Solution

The correct option is D sole proprietor
Sole proprietorship refers to a form of business organisation which is owned, managed and controlled by an individual who is the recipient of all profits and bearer of all risks

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Similar questions

Q. A person who conducts business of sole trading concern is known as sole trader.

Q. If a single proprietor or a few partners bring in money to invest in the business, it is known as .

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. A sole proprietor decided to use the same bank account for his personal affairs as for his business. Which of the following accounting principles is violated?

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:

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