mie 201 exam 2 questions with answers 2024

mie 201 exam 2Advantages of operating a Sole Proprietorship? - correct answer simplicity (easy to establish and less paperwork-only requirement is business licenses and permit) single layer of taxation!!! privacy (not required to report anything to anyone) flexibility and control fewer limitations on personal income Personal satisfaction (take your own risks and enjoy the reward) Disadvantages of sole proprietorship - correct answer financial liability (unlimited liability) demands of the owner (alot more than picking your work schedule.. alot of decisions are in your hands) limited managerial perspective resource limitation no employee benefits for the owner finite life span (owners death may be the demise of the business) what limits a sole proprietors ability to expand? - correct answer resource limitation