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Business Basics Quiz

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Questions and Answers

What is a sole proprietorship?

A business owned by one person and operated for their benefit (correct)

A business owned by a corporation and operated for their benefit

A business owned by multiple people and operated for their benefit

A business owned by the government and operated for their benefit

What is the responsibility of the owner in a sole proprietorship?

Responsible and liable for debts incurred by the business (correct)

Responsible only for corporate tax rates

Responsible for debts only if the business is a corporation

Not responsible for any debts incurred by the business

How is the taxation system for businesses different from that of corporations?

Businesses are not taxed on their income

Corporations are personally taxed on all income from the business

Business structure does not allow for corporate tax rates (correct)

Corporations do not have to pay any taxes

What is a corporation's characteristic in terms of liability?

Provides limited liability for their owners/members Signup and view all the answers

How does the setup of a corporation compare to a sole proprietorship?

More complicated and expensive to set up, but offers more protection and benefits for the owners/members Signup and view all the answers

What is a sole proprietorship?

A business owned by one person and operated for their benefit Signup and view all the answers

How does a corporation differ from a sole proprietorship in terms of liability?

A corporation provides limited liability for its owners/members Signup and view all the answers

What is the responsibility of the owner in a sole proprietorship?

The owner is responsible and liable for debts incurred by the business Signup and view all the answers

How is the taxation system for businesses different from that of corporations?

Businesses are personally taxed on all income, while corporations are subject to corporate tax rates Signup and view all the answers

What does having a business name not do in relation to the business entity and the owner?

Separate the business entity from the owner Signup and view all the answers

Business Basics Quiz

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Podcast

Questions and Answers

What is a sole proprietorship?

What is the responsibility of the owner in a sole proprietorship?

How is the taxation system for businesses different from that of corporations?

What is a corporation's characteristic in terms of liability?

How does the setup of a corporation compare to a sole proprietorship?

What is a sole proprietorship?

How does a corporation differ from a sole proprietorship in terms of liability?

What is the responsibility of the owner in a sole proprietorship?

How is the taxation system for businesses different from that of corporations?

What does having a business name not do in relation to the business entity and the owner?

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