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Questions and Answers
Which of the following best defines business?
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?
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?
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?
What is the difference between a corporation and a sole proprietorship?
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How is the term 'business' commonly used colloquially?
How is the term 'business' commonly used colloquially?
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