Podcast
Questions and Answers
In a sole proprietorship, who is responsible and liable for debts incurred by the business?
In a sole proprietorship, who is responsible and liable for debts incurred by the business?
- Owner (correct)
- Creditors
- Corporation
- Cooperative
What is the term used to refer to the practice of making one's living or making money by producing or buying and selling products?
What is the term used to refer to the practice of making one's living or making money by producing or buying and selling products?
- Business (correct)
- Corporation
- Cooperative
- Enterprise
What does having a business name not do in terms of separating the business entity from the owner?
What does having a business name not do in terms of separating the business entity from the owner?
- Provide limited liability
- Protect the owner from debts
- Subject to corporate tax rates
- Separate the business entity from the owner (correct)
How is the taxation system for businesses different from that of corporations?
How is the taxation system for businesses different from that of corporations?
Which form of business ownership provides limited liability for its owners/members?
Which form of business ownership provides limited liability for its owners/members?
What is another term for a sole proprietorship?
What is another term for a sole proprietorship?
Which type of business owner has unlimited liability for all obligations incurred by the business?
Which type of business owner has unlimited liability for all obligations incurred by the business?
In which type of partnership does each partner have unlimited liability for the debts incurred by the business?
In which type of partnership does each partner have unlimited liability for the debts incurred by the business?
Which type of business organization protects its owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections?
Which type of business organization protects its owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections?
What system involves entrepreneurs purchasing the rights to open and run a business from a larger corporation?
What system involves entrepreneurs purchasing the rights to open and run a business from a larger corporation?
What type of organization is fundamental to the ideology of economic democracy and has members, not shareholders, who share decision-making authority?
What type of organization is fundamental to the ideology of economic democracy and has members, not shareholders, who share decision-making authority?
Which type of business is commonly used for non-commercial purposes such as clubs or charities, where members guarantee payment of certain amounts if the company goes into insolvent liquidation?
Which type of business is commonly used for non-commercial purposes such as clubs or charities, where members guarantee payment of certain amounts if the company goes into insolvent liquidation?
