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Questions and Answers
What is the term for an activity or enterprise entered into for profit?
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?
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?
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?
Which business form is more complicated and expensive to set up but offers more protection and benefits for the owners/members?
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In which business form is the proprietor personally taxed on all income from the business?
In which business form is the proprietor personally taxed on all income from the business?
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