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Business Ownership and Liability Quiz

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Questions and Answers

What is business according to the text?

The practice of making a living through investment

The practice of making a living by producing or buying and selling products (correct)

The practice of making a living through employment

The practice of making a living by providing services

How does having a business name impact the business entity according to the text?

It provides complete separation of the business entity from the owner

It exempts the owner from personal taxation

It limits the liability of the owner for business debts

It does not separate the business entity from the owner (correct)

What is the legal status of corporations compared to sole proprietors and partnerships according to the text?

Corporations are separate legal entities and provide limited liability for their owners (correct)

Sole proprietors and partnerships have the same legal status as corporations

Corporations have unlimited liability compared to sole proprietors and partnerships

Sole proprietors and partnerships have separate legal entities

How are businesses and corporations differentiated in terms of taxation according to the text?

Businesses are personally taxed on all income, while corporations have separate tax rates Signup and view all the answers

What is the primary responsibility of the owner in a business entity according to the text?

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

Where is Adani Ports and Special Economic Zone Limited based?

Ahmedabad, India Signup and view all the answers

How many ports and terminals does APSEZ have in its network?

12 Signup and view all the answers

Where is India's first port-based SEZ located, operated by APSEZ?

Mundra Signup and view all the answers

How many inland container depots (ICD) did APSEZ operate as of 2017?

3 Signup and view all the answers

What type of license does APSEZ hold for the Indian Railways?

Category 1 License Signup and view all the answers