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Tax Structure and Liability of Corporations

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A corporation's owners are known as _____.

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1. A corporation is taxed on its profits, and the owners are taxed on the income they receive from the corporation. What does this refer to?

2. Yoho Motors files for bankruptcy. The company's creditors then seek payment from the corporation and the shareholders. Why will the creditors NOT be able to recover their debts from the shareholders?

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About This Quiz & Worksheet

The quiz is a collection of complete-the-sentence style questions. The questions will ask you to define terms given in the question. Other questions will have you explore particular situations related to corporations. You will have to analyze the situations and decide the outcomes.

Quiz & Worksheet Goals

You will be tested on the following topics associated with corporate tax structure:

  • Shareholders
  • Double taxation
  • Limited liability
  • Corporate veil

Skills Practiced

You will practice the following skills:

  • Making connections - use understanding of the concept of liability
  • Critical thinking - apply relevant concepts to examine information about corporations in a different light
  • Interpreting information - verify that you can read information regarding liability and interpret it correctly
  • Information recall - access the knowledge you've gained regarding tax structure

Additional Learning

You should also read the related lesson titled Tax structure and Liability of Corporations. The lesson covers the following objectives:

  • Explain corporations
  • Understand double taxation
  • Explore limited liability
  • Describe the piercing of the corporate veil
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