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Questions and Answers
What does business refer to?
What does business refer to?
- Exclusively referring to corporations
- Any activity undertaken for personal interest
- Engaging in non-profit ventures
- Making a living by producing or buying and selling products (correct)
How is the taxation system for businesses different from that of corporations?
How is the taxation system for businesses different from that of corporations?
- Corporations have higher tax rates than businesses
- Businesses are personally taxed on all income, unlike corporations (correct)
- Businesses are exempt from taxation
- Businesses and corporations have the same taxation system
How does having a business name impact the owner's liability?
How does having a business name impact the owner's liability?
- The owner has no liability for any business-related matters
- The owner's liability is limited to the business's profits
- The owner's personal possessions are protected from business debts
- The owner is responsible and liable for the business's debts (correct)
What legal distinction exists between corporations and sole proprietors?
What legal distinction exists between corporations and sole proprietors?
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What does the term 'business' colloquially refer to?
What does the term 'business' colloquially refer to?
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