Are You Ready for Business Ownership?
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Questions and Answers

Which of the following best defines business?

  • 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

    • What is the responsibility of the owner in a business entity?

  • 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

    • How are businesses taxed compared to corporations?

  • 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

    • What is the difference between a corporation and a sole proprietorship?

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

    How is the term 'business' commonly used colloquially?

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

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