Business Concepts and Practices Quiz
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Questions and Answers

What does having a business name not do?

  • Protect the owner from debts incurred by the business
  • Separate the business entity from the owner (correct)
  • Provide limited liability for the owner
  • Affect the taxation system for businesses

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

  • Corporations are not responsible for debts incurred by the business
  • Businesses are subject to limited liability for their owners/members
  • Corporations are personally taxed on all income from the business
  • Business structure does not allow for corporate tax rates (correct)

    • What is the main difference between corporations and sole proprietors/partnerships?

  • Sole proprietors/partnerships are personally taxed on all income from the business
  • Corporations are not responsible for debts incurred by the business
  • Sole proprietors/partnerships are separate legal entities
  • Corporations provide limited liability for their owners/members (correct)

    • What can creditors do if a business acquires debts?

    <p>Go after the owner's personal possessions</p> Signup and view all the answers

    What does the term 'business' often refer to colloquially?

    <p>A company, such as a corporation or cooperative</p> Signup and view all the answers

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