Business Scale (HW2)

What is the primary characteristic that differentiates a small business from a large business?

• Number of employees

• Annual revenue

• Market share

• Number of locations

Which of the following is typically a feature of a medium-sized business?

• Operates in multiple countries

• Employs between 50 and 249 people

• Has an annual turnover of over £50 million

• Is usually a sole proprietorship

What is a common advantage of small businesses over large businesses?

• Greater access to capital

• More personalised customer service

• Higher economies of scale

• Larger market share

Which of the following is a typical challenge faced by small businesses?

• Managing a large workforce

• High levels of bureaucracy

• Limited access to funding

• Complex organisational structure

What is one way that large businesses can benefit from economies of scale?

• By reducing the cost per unit through mass production

• By offering highly customised products

• By focusing on niche markets

• By having fewer employees

Which of the following best describes a micro business?

• Employs fewer than 10 people

• Has an annual turnover of more than £2 million

• Operates in multiple sectors

• Is publicly traded

What is a common characteristic of a large business?

• Limited market reach

• High level of specialisation

• Informal management structure

• Low capital investment

Which of the following is a typical feature of a small business?

• High levels of bureaucracy

• Simple organisational structure

• Extensive international operations

• High market share

What is one way that medium-sized businesses can compete with larger businesses?

• By offering lower prices due to higher production volumes

• By focusing on customer service and flexibility

• By having a larger number of employees

• By operating in fewer markets

Which of the following is a benefit of being a large business?

• Greater agility in decision-making

• Easier access to international markets

• Lower regulatory requirements

• Less competition