Q1 A of 18 Page 265

Fill in the blanks in the following sentences with appropriate words:

The business concern that is owned and managed by a single person is called ___________ .


The business concern that is owned and managed by a single person is called sole trading concern .

Explanation: Sole trading concerns is one of the oldest and simplest form of business organizations, it is owned and managed by a single person who not only enjoys the profits but also shoulders the losses faced by the business.


More from this chapter

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1 B

Fill in the blanks in the following sentences with appropriate words:

The Indian Partnership Act was passed in the year _________ to regulate the affairs of the partnership firms.


 1 C

Fill in the blanks in the following sentences with appropriate words:

The Maximum number of partners in a firm which carries out banking business is ______ .


 1 D

Fill in the blanks in the following sentences with appropriate words:

The Head of the Hindu undivided family business is known as______ .


 1

Fill in the blanks in the following sentences with appropriate words:

The only business concern under private business organization found in India is ______ .