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MCQs

Total Questions : 24 | Page 2 of 3 pages
Question 11. Sole Proprietorships will automatically dissolve when the owner
  1.    dies
  2.    gets married
  3.    gets divorced
  4.    bring their children in the business
 Discuss Question
Answer: Option A. -> dies
Question 12. Law firms and doctor's offices are examples of
  1.    Sole Proprietorships
  2.    Partnerships
  3.    Corporations
  4.    Franchises
 Discuss Question
Answer: Option B. -> Partnerships
Question 13. Closing stock is recorded in trading account and ___________________________
  1.    balancesheet liablity side
  2.    balancesheet asset side
  3.    profit and loss account
  4.    trading account debit side
 Discuss Question
Answer: Option B. -> balancesheet asset side
Question 14. The major policy and financial decision makers of a corporation are determined by the
  1.    CEO/GM/President
  2.    Chairman of the Board
  3.    Shareholders
  4.    Board of Directors
 Discuss Question
Answer: Option D. -> Board of Directors
Question 15. The reason for the end of the sole proprietorship can be
  1.    Insolvency
  2.    Insanity
  3.    Death
  4.    All the above
 Discuss Question
Answer: Option D. -> All the above
Question 16. Sole Proprietorship is most suitable for
  1.    Medium scale concerns
  2.    Large scale concerns
  3.    Small scale concerns
  4.    None of the above
 Discuss Question
Answer: Option C. -> Small scale concerns
Question 17. Nike, Google and Apple are examples of
  1.    Sole Proprietorships
  2.    Partnerships
  3.    Corporations
  4.    Franchises
 Discuss Question
Answer: Option C. -> Corporations
Question 18. Which of the following is not the feature of the sole trade?
  1.    Individual ownership
  2.    Limited liability
  3.    Secrecy
  4.    Undivided risk
 Discuss Question
Answer: Option B. -> Limited liability
Question 19. Which of the following is not the advantage of the sole trader?
  1.    Easy formation
  2.    Quick decision
  3.    Unlimited liability
  4.    Personal control
 Discuss Question
Answer: Option C. -> Unlimited liability
Question 20. Which of the following is NOT a type of business ownership?
  1.    partnership
  2.    sole proprietorship
  3.    entrepreneurship
  4.    franchise
 Discuss Question
Answer: Option C. -> entrepreneurship

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