10 Questions
Which business organization has a single owner who is generally also the manager?
Sole Proprietorship
What is the definition of a partnership?
A business owned and operated by two or more persons
What is a corporation?
A business owned by its stockholders
Which type of business organization has the rights of succession and powers authorized by law?
Corporation
Who can be classified as a compensation, business, or mixed income earner?
An individual taxpayer, a Filipino citizen, or a resident alien
Which type of business organization is owned and operated by two or more persons who contribute money, property, or industry to a common fund?
Partnership
Which business organization is an artificial being created by operation of law and owned by its stockholders?
Corporation
What is the tax rate for individuals earning purely compensation income effective Jan. 1, 2023, onwards?
35%
What is the taxable income for compensation earners?
Based on the tax rate from 15% to 35%
What are the possible classifications of an individual taxpayer in terms of income?
Compensation, business, or mixed income earner
Test your knowledge on different forms of business organization with this quiz. Learn about the characteristics and features of sole proprietorships, partnerships, and corporations.
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