John opened All-for-Shop, a small retail outlet in his neighborhood. He could not sustain it for more than a year because of huge losses and chose to shut it down. Fortunately, he did not have any creditors. Which of the following does the situation describe?

Question

Quizplus · Accepted Answer

The situation describes a personal failure, as John's retail outlet did not succeed and he chose to shut it down. There is no mention of formal failure, foreclosure, or Chapter 7 bankruptcy, and there were no creditors involved, indicating that John's failure was personal in nature.

John Opened All-For-Shop, a Small Retail Outlet in His Neighborhood