Business Fundamentals and Legal Responsibilities Quiz

The practice of making money by investing in stocks

The practice of making money by providing services

The practice of making money by producing and selling products (correct)

The practice of making money by gambling

The business owner is not required to pay any taxes

The business owner can choose to pay either personal or corporate tax rates

The business owner is exempt from paying any taxes

The business owner is responsible for paying taxes on all income (correct)

Corporations are not responsible for their debts

Corporations are not legally recognized entities

Corporations have higher tax rates than sole proprietors/partnerships

Corporations provide limited liability for their owners, while sole proprietors/partnerships do not (correct)

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

<p>Businesses are personally taxed on all income, while corporations have corporate tax rates</p> Signup and view all the answers