Business Fundamentals and Legal Implications Quiz
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Questions and Answers

Which of the following best describes business?

  • The practice of making a living through investments
  • The practice of making a living through farming
  • The practice of making a living through buying and selling products (correct)
  • The practice of making a living through providing services

    • What does it mean for a business to have limited liability?

  • The business owner is responsible for all debts incurred by the business
  • The business owner has no personal possessions
  • The business owner is not responsible for any debts incurred by the business (correct)
  • The business owner is only partially responsible for debts incurred by the business

    • How are sole proprietors and partnerships different from corporations?

  • Sole proprietors and partnerships are responsible for all debts incurred by the business, while corporations are not
  • Sole proprietors and partnerships are subject to corporate tax rates, while corporations are not (correct)
  • Sole proprietors and partnerships have limited liability, while corporations do not
  • Sole proprietors and partnerships are separate legal entities, while corporations are not

    • How are businesses taxed differently from corporations?

    <p>Business owners are personally taxed on all income from the business, while corporations are not</p> Signup and view all the answers

    What is the difference between a business and a company?

    <p>A business refers to any activity for profit, while a company refers to a specific legal entity</p> Signup and view all the answers

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