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Unit 9 Entrepreneur

Entrepreneurship Unit 9: Government and Legal

QuestionAnswer
What is a sales tax? A tax paid by consumers when purchasing a product or service
Who is responsible for paying self-employment tax? Self-employed individuals
Which professional is often consulted to ensure tax compliance? Tax Accountant
What is the purpose of payroll deductions? To cover employee benefits and taxes
Which of the following describes the BEST reason why an entrepreneur would seek advice and counsel about taxation? To ensure compliance with complex tax laws
What are intellectual property rights? The right to protect creations of the mind
What is the primary concern of privacy laws in the digital era? Procedures involving sensitive personal data
How should a responsible business owner handle sensitive customer data? They should responsibly store and manage customer data
What does liability refer to within the context of business law? The responsibility of a business for its actions
Which of the following best describes a "tort"? A civil wrong that causes harm or loss, resulting in legal liability
Which of the following constitutes a breach of contract? When one of the parties fails to fulfill a condition of the agreement
True or False: All business structures face the same legal implications and tax responsibilities. False
What legal implications might there be for a business that has fulfilled a majority of their contractual obligations but failed to deliver on the terms of a specific minor clause? The business is legally responsible for a breach of contract
Which of the following is not a required element for a legally binding contract? Breach
True or False: If a business does not intentionally cause harm, it cannot be held legally liable for negligence. False
Created by: user-1774101
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