Exploring Small-Business Opportunities for Women and Minorities
30 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

According to Industry Canada, how is a small business defined?

  • An independent business having fewer than 500 employees, not dominant in its market and revenues not more than $5 million.
  • An independent business having fewer than 50 employees, not dominant in its market and revenues not more than $1 million.
  • An independent business having fewer than 200 employees, not dominant in its market and revenues not more than $3 million.
  • An independent business having fewer than 100 employees, not dominant in its market and revenues not more than $2 million. (correct)

    • What percentage of Canadian firms have fewer than 100 employees on staff?

  • 99%
  • 98% (correct)
  • 95%
  • 90%

    • Which industries have the majority of small businesses?

  • Retail and construction (correct)
  • Technology and telecommunications
  • Healthcare and education
  • Manufacturing and finance

    • What are the benefits of a home-based business?

    <p>More control over both their business and personal time.</p> Signup and view all the answers

    What is the main reason why most businesses are small businesses?

    <p>Preference for smaller operations</p> Signup and view all the answers

    How many self-employed individuals are there in Canada?

    <p>2.8 million</p> Signup and view all the answers

    What is the main reason why small businesses fail?

    <p>Inadequate business planning</p> Signup and view all the answers

    Approximately what percentage of total employment in the private sector did small and medium-sized businesses account for in 2018?

    <p>89.5%</p> Signup and view all the answers

    What is one of the contributions of small businesses to the economy?

    <p>All of the above</p> Signup and view all the answers

    Approximately what percentage of small businesses close permanently within three years?

    <p>15%</p> Signup and view all the answers

    What is one of the reasons why small businesses fail?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of a business plan?

    <p>All of the above</p> Signup and view all the answers

    Which organization assists, counsels, and protects the interests of small businesses in Canada?

    <p>The Business Development Bank of Canada (BDC)</p> Signup and view all the answers

    What is venture capital?

    <p>Money invested in a small business by another business or group of individuals in return for an ownership share</p> Signup and view all the answers

    Which type of agreement involves one firm purchasing another firm's property and assets?

    <p>Acquisition</p> Signup and view all the answers

    What is a partnership between companies for a specific activity called?

    <p>Joint Venture</p> Signup and view all the answers

    Which type of merger involves two or more firms combining to form one company?

    <p>Merger</p> Signup and view all the answers

    What type of merger involves firms in the same industry and at the same stage of production?

    <p>Horizontal</p> Signup and view all the answers

    Which type of merger involves firms in different industries?

    <p>Conglomerate</p> Signup and view all the answers

    What is the purpose of partnering with a local firm in a joint venture?

    <p>To share operation's costs and risks</p> Signup and view all the answers

    When might a firm want to start a business in a foreign market?

    <p>During a joint venture</p> Signup and view all the answers

    What type of agreement involves two or more firms combining to form one company?

    <p>Merger</p> Signup and view all the answers

    What is the term for members of top management that make major corporate decisions and handle ongoing operations?

    <p>Corporate Officers &amp; Managers</p> Signup and view all the answers

    Which of the following is a benefit of franchising?

    <p>Franchisees benefit from the franchisor's proven business model.</p> Signup and view all the answers

    What is the world's 2nd largest franchise industry?

    <p>Canada</p> Signup and view all the answers

    What is a sole proprietorship?

    <p>A business ownership in which the sole proprietor's status as an individual is not legally separate from their status as a business owner.</p> Signup and view all the answers

    What is a corporation?

    <p>A legal organization that has assets and liabilities separate from the assets and liabilities of its owners.</p> Signup and view all the answers

    Who elects the board of directors in a corporation?

    <p>Shareholders</p> Signup and view all the answers

    What is the purpose of public (government) ownership of business?

    <p>To provide essential services to the public</p> Signup and view all the answers

    Where are most small businesses incorporated?

    <p>In the provinces where they operate</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser