Business Ownership and Liability Quiz

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

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

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

<p>Corporations provide limited liability for their owners/members</p> Signup and view all the answers

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