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Questions and Answers
What is the definition of business?
What is the definition of business?
- The practice of making a living by providing services
- The practice of making a living by producing or buying and selling products (correct)
- The practice of making a living through investments
- The practice of making money through any means
How does having a business name affect the owner's liability?
How does having a business name affect the owner's liability?
- It does not separate the business entity from the owner, making the owner responsible for business debts (correct)
- It makes the business entity solely responsible for all debts incurred
- It makes the owner responsible for debts only if the business name is explicitly mentioned
- It separates the business entity from the owner, relieving the owner of any business debts
How is the taxation system for businesses different from that of corporations?
How is the taxation system for businesses different from that of corporations?
- Businesses and corporations have the same taxation system
- Businesses are personally taxed on all income, while corporations have separate tax rates (correct)
- Businesses have lower tax rates compared to corporations
- Businesses are exempt from taxation, while corporations have to pay taxes
What distinguishes corporations from sole proprietors and partnerships?
What distinguishes corporations from sole proprietors and partnerships?
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How is the term 'business' colloquially used?
How is the term 'business' colloquially used?
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