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Questions and Answers
Which of the following best describes business?
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?
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?
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?
How are businesses taxed differently from corporations?
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What is the difference between a business and a company?
What is the difference between a business and a company?
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