Which One of the Following Statements Concerning a Sole Proprietorship

question 33

Multiple Choice

Which one of the following statements concerning a sole proprietorship is correct?

• A)A sole proprietorship is designed to protect the personal assets of the owner.
• B)The profits of a sole proprietorship are subject to double taxation.
• C)The owner of a sole proprietorship is personally responsible for all of the company's debts.
• D)The sole proprietorship can continue even after the death of the sole proprietor.
• E)A sole proprietorship is structured the same as a limited liability company.

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Definitions:

Cognitive Appraisal

A process by which an individual evaluates the significance of what is happening for their well-being.

Social Role

A set of behaviors, rights, obligations, beliefs, and norms expected from an individual or recognized position within a social system.

Time Management

The process of organizing and planning how to divide one's time between specific activities efficiently.

Prioritizing Goals

The process of determining the relative importance of various goals and deciding which to focus on first, based on their significance and urgency.