Business Ownership and Liability Quiz
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Questions and Answers

What does having a business name imply?

  • The business is exempt from personal liabilities
  • The business is a separate legal entity
  • The business has a corporate tax rate
  • The business owner is liable for business debts (correct)

    • What is the difference in taxation between a business and a corporation?

  • Corporations are not taxed
  • Businesses pay corporate tax rates
  • Corporations pay personal tax rates
  • The proprietor of a business is personally taxed on all income (correct)

    • What is a distinctive feature of corporations compared to sole proprietors and partnerships?

  • Corporations provide limited liability for their owners (correct)
  • Corporations are taxed on personal income
  • Corporations are not liable for debts
  • Corporations do not have a separate legal entity

    • What can creditors do if a sole persons business acquires debts?

    <p>They can claim the owner's personal possessions</p> Signup and view all the answers

    What is one common usage of the term 'business'?

    <p>It is used colloquially to refer to a company</p> Signup and view all the answers

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