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Business Studies

Merits and Limitations of Sole Proprietorship

Statement A: ...

Question

Statement A: Easy to form is advantage of sole proprietorship form of business.
Statement B : Easy to wind-up is advantage of sole proprietorship form of business.

A

Statement A is true and Statement B is false

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B

Statement A is false and Statement B is true

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C

Both Statement A and B are true

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D

Both Statement A and B are false

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Solution

The correct option is C Both Statement A and B are true
Option C is the correct answer.

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Q. Statement A : Easy to form is advantage of sole proprietorship form of business.
Statement B: Easy to wind up is advantage of sole proprietorship form of business.

Q. Fill in the blanks:
(a) Sole proprietorship is the _______ from of business enterprises, (latest / oldest)
(b) Sole proprietorship is most suitable form for _______ business, (small / large)
(c) Liability of a sole proprietor is ________ (limited / unlimited)
(d) Sole proprietorship _______ a separate legal entity, (has / does not have)
(e) It is ______ to set up a sole proprietorship firm,(easy / difficult)

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:

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.

Profits do not have to be shared. This statement refers to

(a) Partnership

(b) Joint Hindu family business

(c) Sole proprietorship

(d) Company

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