Business Fundamentals and Legal Responsibilities Quiz

Investing in stock markets

Maximizing social welfare

Producing and selling goods and services (correct)

Promoting environmental sustainability

It makes the business entity solely responsible for any debts incurred.

It completely absolves the owner from any business-related debts.

It does not separate the business entity from the owner, making the owner responsible for debts incurred by the business. (correct)

It allows the owner to transfer all liabilities to the business entity.

Businesses are exempt from all forms of taxation.

Businesses and corporations are taxed at the same rate.

Business structure does not allow for corporate tax rates; the proprietor is personally taxed on all income from the business. (correct)

Businesses are subject to higher tax rates than corporations.

<p>Corporations provide limited liability for their owners/members.</p> Signup and view all the answers

<p>Owned by one person and operates for their benefit, with the owner being personally responsible for the business</p> Signup and view all the answers