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Business Basics Quiz

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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

Business Basics Quiz

Choose a study mode

Podcast

Questions and Answers

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

Which business structure allows for corporate tax rates?

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

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

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

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