List the Advantages and Disadvantages of the Sole Proprietorship Form

question 60

Essay

List the advantages and disadvantages of the sole proprietorship form of business organization.

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Definitions:

Just-In-Time

A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs through timely procurement and shipment.

Prevention Costs

Costs incurred to prevent defects before they occur, including costs associated with design, training, and process control.

Appraisal Costs

Expenses associated with measuring, evaluating, or auditing products or services to ensure conformity to quality standards and performance requirements.

Environmental Costs

Environmental costs are expenses associated with the impact of an activity on the environment, including pollution mitigation, resource depletion, and habitat destruction.