What term describes proprietor of a business?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Prepare for the POB Test 1 with comprehensive study resources. Master key concepts like barter, money, payment methods, and business forms with engaging quizzes and detailed explanations. Ace your exam today!

Multiple Choice

What term describes proprietor of a business?

Explanation:
Ownership terminology in business centers on who owns and runs it. The person who owns a business is simply the owner. That captures both possession and control, which is what “proprietor” implies. A sole trader describes a one-person business structure, not just the person themselves. A partnership refers to a business owned by two or more people, so it doesn’t fit a single proprietor. An organization is a broad term for the entity or group, not the individual owner. So, the best term for the proprietor is Owner.

Ownership terminology in business centers on who owns and runs it. The person who owns a business is simply the owner. That captures both possession and control, which is what “proprietor” implies. A sole trader describes a one-person business structure, not just the person themselves. A partnership refers to a business owned by two or more people, so it doesn’t fit a single proprietor. An organization is a broad term for the entity or group, not the individual owner. So, the best term for the proprietor is Owner.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy