5 Questions
What type of business ownership provides limited liability for its owners/members?
Corporation
What is the term used to refer to an activity or enterprise entered into for profit?
Business
What type of business ownership is owned by one person and operates for their benefit?
Sole proprietorship
Which business structure allows the proprietor to be personally taxed on all income from the business?
Sole proprietorship
In which type of business ownership can creditors go after the owner's personal possessions if the business acquires debts?
Sole proprietorship
Test your knowledge of fundamental business concepts, including business ownership, liability, and taxation.
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