Quiz  /  Sole Proprietorship Gate & PSU MCQ Questions With Answers

  • 1. 
    Which of the following attributes is common to all types of partnership?

  • All partners will be personally liable for business debts.
  • There is no formal requirement to form the partnership.
  • All of the above.
  • None of the above

  • 2. 
    The least formal type of business organization is

  • joint venture
  • partnership
  • franchise
  • sole proprietorship

  • 3. 
    A sole proprietorship is where the firm is owned by one person.

  • True
  • False

  • 4. 
    A sole proprietor has a limited liability.

  • True
  • False

  • 5. 
    Partners must always consult other partners when making decisions for the business.

  • True
  • False
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