Questions and Answers
According to Industry Canada, how is a small business defined?
An independent business having fewer than 100 employees, not dominant in its market and revenues not more than $2 million.
What percentage of Canadian firms have fewer than 100 employees on staff?
98%
Which industries have the majority of small businesses?
Retail and construction
What are the benefits of a home-based business?
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What is the main reason why most businesses are small businesses?
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How many self-employed individuals are there in Canada?
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What is the main reason why small businesses fail?
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Approximately what percentage of total employment in the private sector did small and medium-sized businesses account for in 2018?
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What is one of the contributions of small businesses to the economy?
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Approximately what percentage of small businesses close permanently within three years?
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What is one of the reasons why small businesses fail?
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What is the purpose of a business plan?
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Which organization assists, counsels, and protects the interests of small businesses in Canada?
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What is venture capital?
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Which type of agreement involves one firm purchasing another firm's property and assets?
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What is a partnership between companies for a specific activity called?
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Which type of merger involves two or more firms combining to form one company?
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What type of merger involves firms in the same industry and at the same stage of production?
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Which type of merger involves firms in different industries?
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What is the purpose of partnering with a local firm in a joint venture?
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When might a firm want to start a business in a foreign market?
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What type of agreement involves two or more firms combining to form one company?
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What is the term for members of top management that make major corporate decisions and handle ongoing operations?
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Which of the following is a benefit of franchising?
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What is the world's 2nd largest franchise industry?
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What is a sole proprietorship?
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What is a corporation?
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Who elects the board of directors in a corporation?
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What is the purpose of public (government) ownership of business?
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Where are most small businesses incorporated?
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