Torrie Is Thinking of Starting Up a Small Business Selling

question 34

Multiple Choice

Torrie is thinking of starting up a small business selling hand-painted wine glasses.She is considering setting up her business as a sole proprietorship.What is one disadvantage to Torrie of setting up her business as a sole proprietorship?

• A)As a sole proprietor,Torrie would be taxed twice.
• B)As a sole proprietor,Torrie would not have control of the business.
• C)As a sole proprietor,Torrie would face unlimited liability.
• D)As a sole proprietor,Torrie would be subject to significant rules and regulations.

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Definitions:

Long-Term Goals

Objectives or targets that are planned to be achieved over an extended period, focusing on future aspirations and strategic outcomes.

Frequent Feedback

The process of giving regular, prompt responses or assessments regarding performance, behavior, or learning, aimed at improvement and development.

Goal-Setting Theory

A motivational theory that suggests setting specific and challenging goals, along with appropriate feedback, enhances performance.

Down Payment

An initial, upfront partial payment for the purchase of expensive items such as a home or car, typically representing a percentage of the total purchase price.