8. The sole proprietor has unlimited liability, his or her total investment in business, but not his or her personal assets, can be taken to satisfy creditors a) True b) False

9. Aunt Tilly borrowed $3500 from the bank at 12 percent annually compound interest to be repaid in four equal annual instalment. The principal repaid in the second year is a) 820.20 b) 1,947.40 c) 420.00 d) 332.12