A Disadvantage of the Sole Proprietorship Is

question 29

Multiple Choice

A disadvantage of the sole proprietorship is

• A) the difficulty of formation.
• B) the inflexibility of management and control.
• C) the unlimited liability of the principal.
• D) the double taxation that occurs.

Explain the significance of infrastructure development, such as railroads, on national economics.

Understand the role of key figures and innovations in the development of various industries.

Recognize the regional economic disparities and their historical causes and implications.

Understand the principles and methods of asset depreciation, including different methods of calculating depreciation.

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Definitions:

Segregating

The act of separating or setting apart from others or from the main body or group.

Implied Authority

Power not explicitly granted by a principal to an agent but deemed necessary to carry out expressly authorized duties.

Enforce Claims

The act of legally pursuing or demanding rights or commitments that have been agreed upon or are owed.

Apparent Authority

Apparent authority refers to a situation where someone appears to have, and reasonably is perceived by third parties to have, authority to act on behalf of another (the principal), even if such authority has not been formally granted.