Which of These Refers to an Unincorporated Business Owned by an Individual

question 121

Multiple Choice

Which of these refers to an unincorporated business owned by an individual for profit?

• A) Partnership
• B) Sole proprietorship
• C) Corporation
• D) Association
• E) Trade alliance

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Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services that have been delivered or used but not yet paid for.

Owner's Drawings

The amount of money or value of other assets withdrawn from the business by the owner for personal use.

Service Revenue

Income earned by providing services as opposed to selling physical goods.

Equipment

Tangible property used in operations, such as machinery and office hardware, which has a useful life longer than one year.