What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples


Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following businesses represents a sole proprietorship?

Start Your Free Trial To Take This Quiz

As a member, you'll also get unlimited access to over 70,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Free 5-day trial
It only takes a few minutes to set up and you can cancel at any time.
Already registered? Login here for access

1. A sole proprietorship must register with which of the following?

2. How much protection from liability does a sole proprietorship offer?

Start your free trial to access this entire page
A premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

Test your comprehension of the related lesson on the characteristics of sole proprietorships with this quiz and worksheet combo. Some of the information that you will need to know for the quiz includes sole proprietorship registration and tax regulations.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Ownership of sole proprietorships
  • Registration requirements for sole proprietorships
  • Liabilities of sole proprietorships
  • Tax procedures of sole proprietorships

Skills Practiced

  • Information recall - access the knowledge you've gained regarding ownership, requirements, and liabilities of sole proprietorships
  • Reading comprehension - ensure that you draw the most important information from the related lesson on the characteristics of sole proprietorships
  • Interpreting information - verify that you can read information regarding sole proprietorships and interpret it correctly

Additional Learning

To learn more about sole proprietorships, review the accompanying lesson entitled What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples. This lesson covers the following objectives:

  • Understand the meaning of sole proprietorship
  • Discover the advantages of sole proprietorships
  • Explain the legal obligations and liabilities of sole proprietorships
  • Describe the disadvantages of sole proprietorships
  • Identify forms of business ownership other than sole proprietorships