Are You Ready for Business Ownership?

The practice of producing goods and services

The practice of buying and selling products

Any activity or enterprise entered into for profit (correct)

The practice of making a living

Acquire debts for the business

Go after the owner's personal possessions

Be responsible for debts incurred by the business (correct)

Separate the business from the owner

Businesses are not subject to corporate tax rates

Businesses have lower tax rates than corporations

Businesses are taxed based on the owner's personal income (correct)

Businesses have the same tax rates as corporations

<p>Corporations provide limited liability for their owners</p> Signup and view all the answers

<p>To refer to a company</p> Signup and view all the answers