5 Questions
Which of the following best defines business?
Any activity or enterprise entered into for profit
What is the responsibility of the owner in a business entity?
Be responsible for debts incurred by the business
How are businesses taxed compared to corporations?
Businesses are taxed based on the owner's personal income
What is the difference between a corporation and a sole proprietorship?
Corporations provide limited liability for their owners
How is the term 'business' commonly used colloquially?
To refer to a company
Test your knowledge of business ownership and liability with this quiz! Learn about the responsibilities and risks that come with owning a business and find out if you're ready to take on the challenge.
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