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Questions and Answers
What is the primary purpose of a business?
What is the primary purpose of a business?
- To accumulate personal possessions
- To provide goods and services for free
- To avoid taxation
- To make a living or earn money through production or trade (correct)
How does having a business name affect the owner's liability?
How does having a business name affect the owner's liability?
- It exempts the owner from personal taxation
- It limits the owner's liability to business profits
- It completely absolves the owner from any business-related liabilities
- It does not separate the business entity from the owner, making the owner responsible for business debts (correct)
How are businesses and corporations taxed differently?
How are businesses and corporations taxed differently?
- Businesses and corporations are taxed at the same rate
- Corporations are personally taxed, while businesses have separate tax rates
- Businesses enjoy tax exemptions, while corporations are heavily taxed
- Businesses are personally taxed on all income, while corporations have separate tax rates (correct)
What distinguishes corporations from sole proprietors and partnerships?
What distinguishes corporations from sole proprietors and partnerships?
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How is business colloquially used to refer to a company?
How is business colloquially used to refer to a company?
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What is the primary purpose of a business?
What is the primary purpose of a business?
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How does having a business name affect the owner's liability?
How does having a business name affect the owner's liability?
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How are businesses and corporations taxed differently?
How are businesses and corporations taxed differently?
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What distinguishes corporations from sole proprietors and partnerships?
What distinguishes corporations from sole proprietors and partnerships?
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How is business colloquially used to refer to a company?
How is business colloquially used to refer to a company?
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