Asked by Clara J. Gomez on May 19, 2024
Verified
A business in which one person is in control of the management and profits is a sole proprietorship.
Sole Proprietorship
A business in which one person (sole proprietor) is in control of the management and profits.
Management
The process of planning, organizing, leading, and controlling resources to achieve organizational goals.
Profits
The financial gain realized when the revenue generated from business activities exceeds the expenses, taxes, and costs involved in maintaining the operation.
- Obtain an understanding of the fundamental modes of business ownership and their particular aspects.
- Grasp the essentials of sole proprietorship, including advantages and limitations.
Verified Answer
Learning Objectives
- Obtain an understanding of the fundamental modes of business ownership and their particular aspects.
- Grasp the essentials of sole proprietorship, including advantages and limitations.
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