Characteristics of Business Scales

What characterizes a business operating at a local scale?

• It has a complex ownership structure.

• It employs a large number of people.

• It serves a small market and has fewer resources.

• It operates in multiple countries.

Which of the following is true about the ownership of local scale businesses?

• They typically have multiple owners.

• They often have one owner and a simple ownership structure.

• They are usually owned by large corporations.

• They require significant investment from shareholders.

Local scale businesses usually generate:

• High revenue with high costs.

• Low revenue with high costs.

• Low revenue with lower costs.

• High revenue with low costs.

What is a common feature of local scale businesses regarding their market?

• They target a global customer base.

• They focus on a single area and serve local communities.

• They have a wide product range for diverse markets.

• They often operate with multiple outlets.

How have local scale businesses effectively used technology?

• By investing in expensive advertising campaigns.

• Through the use of social media and blogs for low-cost marketing.

• By developing complex websites with high operating costs.

• By hiring large marketing firms to manage their outreach.

Which of the following statements is true about the workforce in local scale businesses?

• They typically employ a large workforce year-round.

• Owners often staff the business themselves and hire extra help during busy times.

• They have a high turnover of employees due to extensive training programs.

• They usually operate with a completely automated workforce.

What distinguishes a regional scale business from a local scale business?

• It has a smaller number of employees.

• It operates with fewer resources and lower revenue.

• It focuses on a larger geographical area and has more resources.

• It typically has unlimited ownership structures.

What is a common feature of the ownership structure in regional scale businesses?

• Ownership is often unlimited.

• Ownership is frequently limited due to higher financial risk.

• They have no specific ownership structure.

• All ownership is held by one person.

Which of the following best describes the market size for regional businesses?

• Smaller than local markets but larger than national markets.

• Larger than local markets but smaller than national markets.

• The same size as national markets.

• Exclusively focused on local markets.

Regional businesses typically offer:

• A different range of products in each outlet.

• The same products or services across the regional area.

• A limited product range with no variations.

• Exclusively online services.