Describe the ownership, operation, and size of a sole proprietorship.
What will be an ideal response?
A sole proprietorship is owned by one person and usually operated by that same, one person. While there are a few sole proprietorships that are large and have numerous employees, most are of a small size.
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A company producing cameras and video cameras prefers to focus its resources on a fast imitation program to reverse-engineer new features from competitors and add those, rather than implementing truly inventive features. Miles and Snow would call this company a(n)
A. reactor. B. prospector. C. analyzer. D. defender. E. imitator.
A situation in which all markets are in equilibrium and all economic agents have made decisions in their own best interest is called
A. general equilibrium. B. the liquidity effect. C. the real wealth effect. D. dynamic equilibrium.
Funds raised from operating activities should be invested in assets that can be used to carry on business operations
a. True b. False Indicate whether the statement is true or false
Separate equivalent units of production usually are calculated for materials and conversion costs
Indicate whether the statement is true or false