Which One of the Following Statements Concerning a Proprietorship Is

question 222

Multiple Choice

Which one of the following statements concerning a proprietorship is true?

• A) A proprietorship can be a business jointly owned by two family members.
• B) Income from a proprietorship is taxed as a separate entity.
• C) A proprietor is personally responsible for 100% of the firm's liabilities.
• D) A partial transfer of ownership is easier with a proprietorship than with a corporation.
• E) Income from a proprietorship is taxed at a lower rate than other personal income.

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Definitions:

Value If True

In programming and formula writing, the output or result provided when a conditional statement evaluates to true.

Formatting Symbols

Invisible characters in text editing and word processing programs that represent spaces, tabs, and paragraph breaks, helping users to understand and adjust the layout of text.

Nested IF

A condition within another condition in programming or spreadsheet formulas that allows for multiple outcomes based on multiple criteria.

Relative Cell Reference

A cell address in spreadsheets that changes when copied to another location, as it is relative to the position of the formula.