Forms of Business Organization Quiz
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Questions and Answers

Which business organization has a single owner who is generally also the manager?

  • Corporation
  • Limited Liability Company
  • Partnership
  • Sole Proprietorship (correct)
  • What is the definition of a partnership?

  • A business owned and operated by two or more persons (correct)
  • A business owned by a limited number of shareholders
  • A business owned by a single proprietor
  • A business owned by its stockholders
  • What is a corporation?

  • A business owned by a single proprietor
  • A business owned by a limited number of shareholders
  • A business owned and operated by two or more persons
  • A business owned by its stockholders (correct)
  • Which type of business organization has the rights of succession and powers authorized by law?

    <p>Corporation</p> Signup and view all the answers

    Who can be classified as a compensation, business, or mixed income earner?

    <p>An individual taxpayer, a Filipino citizen, or a resident alien</p> Signup and view all the answers

    Which type of business organization is owned and operated by two or more persons who contribute money, property, or industry to a common fund?

    <p>Partnership</p> Signup and view all the answers

    Which business organization is an artificial being created by operation of law and owned by its stockholders?

    <p>Corporation</p> Signup and view all the answers

    What is the tax rate for individuals earning purely compensation income effective Jan. 1, 2023, onwards?

    <p>35%</p> Signup and view all the answers

    What is the taxable income for compensation earners?

    <p>Based on the tax rate from 15% to 35%</p> Signup and view all the answers

    What are the possible classifications of an individual taxpayer in terms of income?

    <p>Compensation, business, or mixed income earner</p> Signup and view all the answers

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