GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following does not describe a typical small business?
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it is dominant in its field
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the owner is usually the manager
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it serves a small market
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it operates in one or a few locations
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Explanation:
Detailed explanation-1: -The Small Business Administration (SBA) defines a small business as “one which is independently owned and operated for profit and is not dominant in its field.” How small must a firm be to not dominate its field?
Detailed explanation-2: -How do you define small business? Small business is generally defined as any business that is independently owned and operated, typically with fewer than 100 employees, and usually with less than $10 million in annual revenue.
Detailed explanation-3: -There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC.
There is 1 question to complete.