Business Ownership and Liability Quiz

The practice of making a living through production or trade (correct)

The process of creating non-profit organizations

The activity of pursuing personal hobbies

The act of providing goods and services for free

The owner's personal possessions are protected from business debts

The owner is completely absolved of any business debts

The owner is responsible and liable for the business's debts (correct)

The business debts are automatically transferred to creditors

Corporations are personally taxed on all income, while businesses have corporate tax rates

Businesses and corporations are not subject to taxation

Both businesses and corporations have the same tax structure

Businesses are personally taxed on all income, while corporations have corporate tax rates (correct)

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

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