A Single Proprietorship Is a Form of Business Organization Which

question 126

Multiple Choice

A single proprietorship is a form of business organization which

• A)has one owner-manager who is personally responsible for the firm's actions and debts.
• B)has a single owner but has directors who are responsible for the firm's debts.
• C)has limited liability.
• D)has unlimited access to money capital.
• E)allows easy transferability of ownership by the trading of shares.

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Definitions:

Inventory

Inventory encompasses all the goods, merchandise, and materials held by a business for the purpose of sale or production.

Resale

Resale refers to the process of selling previously owned, used, or surplus merchandise or goods.

Asset

An asset is anything of value or a resource of value that can be owned or controlled to produce positive economic value for an individual or organization.

Permeability

The capability of a porous material to allow fluids to pass through it, crucial in determining the flow of water and hydrocarbons in geology.