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Business Fundamentals and Legal Responsibilities Quiz

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Business Fundamentals and Legal Responsibilities Quiz

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Questions and Answers

What is the definition of business?

Business is the practice of making one's living or making money by producing or buying and selling products.

What is the responsibility of the owner of a business?

The owner of a business is responsible and liable for debts incurred by the business.

How does the taxation system for businesses differ from that of corporations?

A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

What is the difference between a corporation and a sole proprietorship or partnership?

<p>Corporations are separate legal entities and provide limited liability for their owners/members, whereas sole proprietorships and partnerships do not.</p> Signup and view all the answers

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

<p>Limited liability means that the owners of a business are not personally responsible for the debts and liabilities of the business beyond their investment in the company.</p> Signup and view all the answers