What is a sole proprietorship? Explain the advantages and the disadvantages of a sole proprietorship
What will be an ideal response?
A sole proprietorship is a business owned and managed by one individual.
Advantages of a sole proprietorship:
? Simple to create
? Least costly form of ownership to begin
? Profit incentive
? Total decision-making authority
? No special legal restrictions
? Easy to discontinue
Disadvantages of a sole proprietorship:
? Unlimited personal liability
? Limited skills and capabilities
? Feeling of isolation
? Limited access to capital
? Lack of continuity for the business
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Which of the following is true about the Consumer Price Index (CPI)?
A. It helps product markets place an upper limit on the pay an organization will offer. B. Following and studying changes in the CPI helps employers prepare for changes in the demands of the labor market. C. It helps organizations lure top-quality employees. D. The CPI helps control labor market's demand for pay increases. E. It helps organizations to compete with companies in other industries that hire similar employees.
Learning is ________
A) an internal state that drives us to satisfy needs B) the process by which people select, organize, and interpret information from the outside world C) a change in behavior caused by information or experience D) a lasting evaluation of a person, object, or issue E) the set of unique psychological characteristics that consistently influence the way a person responds to situations in the environment