Business Ownership
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Questions and Answers

Which of the following best describes business?

  • A practice of making money through buying and selling products (correct)
  • A term used colloquially to refer to a person's occupation
  • An activity entered into for non-profit purposes
  • A legal entity that provides limited liability for owners

    • What is the responsibility of the owner of a business?

  • To acquire debts for the business
  • To separate the business entity from personal possessions
  • To be liable for debts incurred by the business (correct)
  • To pay corporate tax rates

    • How is the taxation system for businesses different from that of corporations?

  • Businesses allow for corporate tax rates
  • Businesses are taxed on all income while corporations have limited liability (correct)
  • Businesses and corporations have the same tax rates
  • Businesses and corporations are not subject to taxation

    • Which of the following best describes digital literacy?

    <p>The ability to find, evaluate, and communicate information using digital media platforms</p> Signup and view all the answers

    What has resulted in a shift in the focus of digital literacy?

    <p>The advent of the internet and the use of social media</p> Signup and view all the answers

    How does digital literacy relate to traditional methods of interpreting information?

    <p>It extends the foundational skills of traditional literacies</p> Signup and view all the answers

    Study Notes

    Business and Taxation

    • Business can be described as an organization or economic system where goods and services are produced, distributed, and exchanged for profit.
    • The owner of a business is responsible for financing the venture, making operating decisions, and assuming the risk of losses.

    Corporation Taxation

    • The taxation system for businesses differs from that of corporations in that corporations are taxed as separate entities, whereas businesses are taxed on the owner's personal income.
    • Corporation taxation involves double taxation, where the corporation is taxed on its profits, and shareholders are taxed on dividends received.

    Digital Literacy

    • Digital literacy refers to the ability to effectively use digital technologies to find, evaluate, and communicate information.
    • The rapid evolution of digital technologies has resulted in a shift in the focus of digital literacy from basic computer skills to higher-level skills, such as critical thinking and problem-solving.

    Digital Literacy vs. Traditional Methods

    • Digital literacy relates to traditional methods of interpreting information in that it builds upon existing skills, such as critical thinking and analysis, but also incorporates new skills, such as online research and digital communication.

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    Test your knowledge of business and learn about the responsibilities and liabilities of owning a business.

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