NECO Economics 2013 Theory — Question 9
Question 9 of 18 from the National Examinations Council (NECO) Economics 2013 Theory paper, with the correct answer and a full explanation.
Advertisement
Essay Question 5(b). List four features of a sole proprietorship.
Model answer
(i) It is owned, financed and managed by one individual. (ii) There is unlimited liability. (iii) It is not a legal entity separate from the owner. (iv) There is no continuity or perpetual existence. (v) There is an absence of conflict in management. (vi) It requires small capital and is easy to set up.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.