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. (D)</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 (C)</p> Signup and view all the answers