Podcast
Questions and Answers
Which of the following best defines business?
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?
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?
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?
What does the term 'business' colloquially refer to?
What is a key difference between corporations and sole proprietors/partnerships?
What is a key difference between corporations and sole proprietors/partnerships?
True or false: Having a business name separates the business entity from the owner.
True or false: Having a business name separates the business entity from the owner.
True or false: The taxation system for businesses is the same as that of the corporates.
True or false: The taxation system for businesses is the same as that of the corporates.
True or false: A business structure allows for corporate tax rates.
True or false: A business structure allows for corporate tax rates.
True or false: Corporations provide limited liability for their owners/members.
True or false: Corporations provide limited liability for their owners/members.
True or false: Sole proprietors and partnerships are separate legal entities.
True or false: Sole proprietors and partnerships are separate legal entities.
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