Question

Fill in the blanks with suitable words in the following statements relating to
sole proprietorship business :
i. The sole proprietor may not be able to raise adequate __________ for
the expansion of business.
ii. The life of the business depends on the life of the ______________ .
iii. Due to limited financial resources and limitation of the expertise of the
owner, the business may lack professional _____________ .
iv. The business is suitable for simple business where ________ skill is
required.
v. Sole proprietorship best caters the needs of customers where the market
for the product is __________ and __________________ .

Answer 1

1. funds

2. owner

3. advice

4. interactive

Answer 2

A business activity that is owned and managed by an individual is known as a sole proprietorship, and the individual is known as a sole proprietor. A sole proprietor brings and operates his funds; he is solely responsible for profits and risks and has to bear the losses alone.

Following are the answers to the fill in the blanks:

i. capital

ii. Proprietor/owner.

iii. Management.

iv. Manual

v.  Limited and Localized.