A Business with One Owner Is Called a Sole Proprietorship

question 93

True/False

A business with one owner is called a sole proprietorship and it must be a service business.

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Definitions:

Discontinued Operations

Parts of a company's operations that have been sold or terminated, which are reported separately from continuing operations on financial statements.

Tax Rate

The percentage at which an individual or corporation is taxed.

Partial Income Statement

A financial document that reports a company's revenues, expenses, and profits over a portion of the fiscal year, rather than the entire year.

Working Capital

The measure of a company's operational liquidity, calculated as current assets minus current liabilities.