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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 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
What does it mean when a business structure does not allow for corporate tax rates?
What does it mean when a business structure does not allow for corporate tax rates?
- 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)
What is the main difference between corporations and sole proprietors/partnerships?
What is the main difference between corporations and sole proprietors/partnerships?
- 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)
What happens if a business acquires debts?
What happens if a business acquires debts?
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How is the taxation system for businesses different from that of corporations?
How is the taxation system for businesses different from that of corporations?
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