The ABCs of Business Ownership
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Questions and Answers

Which of the following best defines business?

  • The practice of making money through corporate activities
  • The practice of making a living through any activity for profit
  • The practice of buying and selling products for profit
  • The practice of making a living by producing and selling products (correct)

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

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

    • How are businesses taxed compared to corporations?

  • Businesses have lower tax rates than corporations (correct)
  • Businesses and corporations are taxed at the same rate
  • Businesses are not subject to taxation
  • Businesses have higher tax rates than corporations

    • What does the term 'business' colloquially refer to?

    <p>A corporation or cooperative</p> Signup and view all the answers

    What is a key difference between corporations and sole proprietors/partnerships?

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

    True or false: Having a business name separates the business entity from the owner.

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

    True or false: The taxation system for businesses is the same as that of the corporates.

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

    True or false: A business structure allows for corporate tax rates.

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

    True or false: Corporations provide limited liability for their owners/members.

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

    True or false: Sole proprietors and partnerships are separate legal entities.

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

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