LSB 3213 John Holden Oklahoma State Exam 3 Practice Questions and Answers
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Course
LSB 3213
Institution
LSB 3213
LSB 3213 John Holden Oklahoma State
Exam 3 Practice Questions and Answers
All of the following are methods that a sole proprietorship can raise money
except
A) Private loans.
B) Commercial loans.
C) Sell ownership in the business.
D) Line of credit - Answer️️ -Sell ownership in the busin...
Josh is a sole proprietor of an ice cream shop. Regina, a customer, slips and
fall on some
melted mint chocolate chip ice cream on the floor and breaks her leg.
Regina files suit and wins a
judgment of $50,000. Josh does not have any insurance and the total value
of the assets of the ice
cream shop is $10,000. Which statement below is correct?
A) Josh will not be required to pay anything because he does not have
insurance.
B) Josh will have to pay $10,000 and then set up a payment plan to pay off
the balance.
C) Josh will have to use his own personal assets to pay the remainder of the
judgment.
3
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