GENERAL KNOWLEDGE

Detailed explanation-1: -Business owners must be well informed about the production and marketing activities rather than the financial activities of a business. Domestic goods are household products. Commercial businesses engage in producing things. An activity must be illegal if it is part of the underground economy.

Detailed explanation-2: -A manufacturing business is any business that uses components, parts or raw materials to make a finished good. These finished goods can be sold directly to consumers or to other manufacturing businesses that use them for making a different product.

Detailed explanation-3: -franchise. a legal agreement that allows a business to be operated using the name and business procedures of another firm.

Detailed explanation-4: -An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.

Detailed explanation-5: -You can call your company a small business, but if you don’t meet the SBA’s definition you could lose out on some opportunities. The SBA’s standards for small businesses are based on three factors: your company type, your average annual revenues and your number of employees.