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Business Basics Quiz
5 Questions
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Business Basics Quiz

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@AstonishingRetinalite2579

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Questions and Answers

What is the term for an activity or enterprise entered into for profit?

  • Business (correct)
  • Cooperative
  • Sole proprietorship
  • Corporation

    • Which business structure allows for corporate tax rates?

  • Sole proprietorship
  • Sole trader
  • Corporation (correct)
  • Cooperative

    • What does having a business name do in relation to the business entity and the owner?

  • It makes the owner liable only for debts incurred by the business
  • It separates the business entity from the owner (correct)
  • It allows the owner to avoid personal liability for debts incurred by the business
  • It exempts the owner from being responsible for debts incurred by the business

    • Which business form is more complicated and expensive to set up but offers more protection and benefits for the owners/members?

    <p>Corporation</p> Signup and view all the answers

    In which business form is the proprietor personally taxed on all income from the business?

    <p>Sole proprietorship</p> Signup and view all the answers

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