Sole Proprietorships

Which of the following is a basic form of business ownership?

• Franchise

• Sole proprietorship

• Cooperative

• Non-profit

What should your choice of business ownership depend on?

• Market trends

• Your needs and goals

• Competitor strategies

• Economic conditions

Which form of business ownership involves multiple individuals sharing responsibilities?

• Sole proprietorship

• Partnership

• Corporation

• Franchise

Which form of business ownership is typically characterized by a single individual owning the business?

• Corporation

• Partnership

• Sole proprietorship

• Cooperative

Which form of business ownership is often associated with limited liability for its owners?

• Sole proprietorship

• Partnership

• Corporation

• Cooperative

What is a sole proprietorship?

• A business owned and operated by one person.

• A business owned by two or more partners.

• A corporation with shareholders.

• A non-profit organization.

In 2019, what percentage of all businesses in the U.S. were sole proprietorships?

• 50%

• 73%

• 85%

• 60%

What is one advantage of a sole proprietorship regarding government intervention?

• High government intervention is required.

• Minimal government intervention unless certification or permits are needed.

• Government intervention is always necessary.

• Government intervention is the same as in corporations.

Who makes all business decisions in a sole proprietorship?

• The government

• A board of directors

• The owner

• Shareholders

How does a sole proprietorship offer flexibility?

• By allowing flexible working hours to meet the owner’s needs.

• By requiring fixed schedules.

• By having strict government regulations.

• By having multiple owners.