Business Fundamentals and Legal Implications Quiz

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

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

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

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

<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