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Questions and Answers
What does the term 'business' refer to?
What does the term 'business' refer to?
- 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
How does having a business name impact the owner's liability?
How does having a business name impact the owner's liability?
- 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
How are businesses and corporations taxed differently?
How are businesses and corporations taxed differently?
- 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)
What distinguishes corporations from sole proprietors and partnerships?
What distinguishes corporations from sole proprietors and partnerships?
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How does the text define the term 'business' colloquially?
How does the text define the term 'business' colloquially?
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