GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Small businesses are sometimes referred to as which of the following?
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All in the family businesses
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Father and son businesses
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Family owned and operated
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Mom and pop businesses
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Explanation:
Detailed explanation-1: -"Mom-and-pop” is a colloquial term used to describe a small, family-owned, or independent business.
Detailed explanation-2: -These industries do not invest more than one crore. Few examples of small-scale industries are paper, toothpick, pen, bakeries, candles, local chocolate, etc., industries and are mostly settled in an urban area as a separate unit.
Detailed explanation-3: -Small businesses can choose to organize as a sole proprietorship, partnership, corporation, S corporation or limited liability company.
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