GK
BUSINESS MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -Micro businesses have 1-4 employees. Small businesses have 5-99 employees. Medium businesses have 100-499 employees.
Detailed explanation-2: -It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1, 500 employees). For example, according to the SBA definition, a roofing contractor is defined as a small business if it has annual revenues of $16.5 million or less.
Detailed explanation-3: -Small business is defined as a business that has a limited number of employees, typically fewer than 500, and operates independently of larger corporations. Small businesses are typically privately owned and operated and have a single owner or a small group of owners.