GENERAL KNOWLEDGE

Detailed explanation-1: -Large businesses are responsible for most new employment opportunities.

Detailed explanation-2: -The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.

Detailed explanation-3: -Small businesses promote healthier communities. According to a national study, communities with greater numbers of thriving, locally-owned small business have healthier populations-with lower rates of mortality, obesity, and diabetes-than those with concentrations of large companies.

Detailed explanation-4: -Surprisingly, there is no official definition of “large” or “small” business. The federal government looks at a company’s average annual receipts or the average number of employees. The general cutoff for “large business” is having at least $7 million in annual revenue and 500 employees.