Questions and Answers
Which business structure does not allow for corporate tax rates?
Which business form provides limited liability for its owners/members?
What is the term used for an activity or enterprise entered into for profit?
Which business entity does not separate the business entity from the owner in terms of liability for debts?
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What is the term for a business owned by one person and operated for their benefit?
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Study Notes
Business Structures
- A sole proprietorship does not allow for corporate tax rates.
Liability Protection
- A limited liability company (LLC) provides limited liability for its owners/members.
Business Terminology
- An undertaking or enterprise entered into for profit is referred to as a business.
Liability and Business Entities
- A sole proprietorship is a business entity that does not separate the business entity from the owner in terms of liability for debts.
Business Ownership
- A business owned by one person and operated for their benefit is referred to as a sole proprietorship.
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Description
Test your knowledge of business fundamentals with this quiz! Explore topics such as entrepreneurship, business ownership, profit-making activities, and business entity liability. See how well you understand the key concepts of running a business.
