What is the typical number of employees in a micro business?

• Fewer than 10

• 50 to 100

• 100 to 500

• More than 500

Answer explanation

A micro business is typically defined as having fewer than 10 employees. This classification helps distinguish small businesses from larger enterprises, making 'fewer than 10' the correct choice.

What is the usual annual revenue range for a small business?

• Under $250,000

• $10 million to $50 million

• $500,000 to $1 million

• $10 million to $1 billion

Answer explanation

The usual annual revenue range for a small business is typically under $1 million. The choice '$10 million to $50 million' is too high for small businesses, making it incorrect.

Which of the following is an example of a medium-sized business?

• Local sole proprietorships

• Small family businesses

• Regional companies

• Independent consultants

Answer explanation

Regional companies are typically larger than sole proprietorships, small family businesses, and independent consultants, making them a clear example of a medium-sized business.

What is the typical revenue range for a medium-sized business?

• Under $250,000

• $10 million to $1 billion

• $500,000 to $1 million

• $1 billion to $5 billion

Answer explanation

A medium-sized business typically generates revenue between $10 million to $1 billion, making this the correct choice. The other options either represent small businesses or large enterprises.

What is the typical annual revenue for a large business?

• Over $1 billion

• Less than $1 million

• Between $10 million and $100 million

• Exactly $500 million

Answer explanation

Large businesses typically generate annual revenues exceeding $1 billion, distinguishing them from smaller enterprises. The other options do not align with the revenue scale of large businesses.

Which type of business is often focused on innovation and rapid growth?

• Large Business

• Enterprise

• Startup

• Franchise

Answer explanation

Startups are typically characterized by their focus on innovation and the pursuit of rapid growth, often seeking to disrupt existing markets or create new ones, unlike large businesses or franchises that may prioritize stability.

What is a common characteristic of an enterprise?

• Few employees and local operations

• High revenue, often in the billions of dollars

• Revenue less than $1 million

• Focus on local markets only

Answer explanation

A common characteristic of an enterprise is high revenue, often in the billions of dollars. This distinguishes enterprises from smaller businesses, which typically have fewer employees and lower revenue.

Which of the following is an example of a startup?

• Multinational corporation

• Large retail chain

• Technology company in early development

• Major manufacturer

Answer explanation

A startup is typically a new business in its early stages, often focused on innovation. A 'Technology company in early development' fits this definition, while the other options represent established businesses.

What is the maximum number of employees typically included in the definition of Small and Medium-sized Enterprises (SMEs)?

• 100 employees

• 500 employees

• 1000 employees

• 200 employees

Answer explanation

The definition of Small and Medium-sized Enterprises (SMEs) typically includes businesses with up to 500 employees. This classification helps in understanding the scale and impact of SMEs in the economy.

What is the revenue cap for SMEs, which can vary by country?

• $500 million

• $1 billion

• $2 billion

• $100 million

Answer explanation

The revenue cap for SMEs can vary by country, but a common threshold is $1 billion. This figure is often used to define the upper limit for small and medium-sized enterprises in many regions.