Business Ownership and Liability Quiz
10 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does having a business name not do?

  • Impact the taxation system for businesses
  • Separate the business entity from the owner
  • Refer to a company, such as a corporation or cooperative
  • Protect the owner from debts incurred by the business (correct)

    • How are corporations different from sole proprietors and partnerships?

  • They provide limited liability for their owners/members (correct)
  • They are not considered separate legal entities
  • They are not allowed to acquire debts
  • They are not subject to taxation

    • What is the taxation system for businesses like?

  • The proprietor is not personally taxed on income from the business
  • It is the same as that of the corporates
  • It allows for corporate tax rates for all business structures
  • The proprietor is personally taxed on all income from the business (correct)

    • What does the term 'business' often refer to colloquially?

    <p>A company, such as a corporation or cooperative</p> Signup and view all the answers

    How does the business owner's liability differ from that of a corporation?

    <p>The owner is responsible and liable for debts incurred by the business</p> Signup and view all the answers

    What does having a business name not do?

    <p>Protect the owner's personal possessions from business debts</p> Signup and view all the answers

    What is the taxation system like for businesses?

    <p>It only taxes the proprietor on all income from the business</p> Signup and view all the answers

    How are corporations different from sole proprietors and partnerships?

    <p>They are not subject to corporate tax rates</p> Signup and view all the answers

    What does the term 'business' often refer to colloquially?

    <p>A company entered into for profit</p> Signup and view all the answers

    How does the business owner's liability differ from that of a corporation?

    <p>The owner's personal possessions are protected from business debts</p> Signup and view all the answers

    More Like This

    Sin título
    2 questions

    Sin título

    RedeemingTortoise avatar
    RedeemingTortoise
    Business Trade Names and Forms Quiz
    12 questions

    Business Trade Names and Forms Quiz

    IndulgentNewYork avatar
    IndulgentNewYork
    Japanese Company Names Quiz
    5 questions

    Japanese Company Names Quiz

    UsefulPreRaphaelites avatar
    UsefulPreRaphaelites
    Englishization in Business Names
    10 questions

    Englishization in Business Names

    AstonishingLeibniz avatar
    AstonishingLeibniz
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser