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Importance of Small and Medium-Sized Enterprises (SMEs) in Economic Development

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Importance of Small and Medium-Sized Enterprises (SMEs) in Economic Development

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Questions and Answers

What percentage of GDP do Small and Medium-sized Enterprises (SMEs) contribute to in Egypt, according to some estimates?

60%

80% (correct)

70%

50%

Why do small business owners and students of small business management typically read volumes like this?

To explore historical business cases

To understand planning and operations of small firms (correct)

To research global economic trends

To study large corporations

What did the United States Congress pass in 1953 related to small businesses?

Small Business Development Act

Small Business Administration Act

Small Business Act (correct)

Small Business Protection Act

In which areas do Small and Medium-sized Enterprises (SMEs) typically contribute significantly?

65-75% to employment and 80% to GDP Signup and view all the answers

What is the main goal of introducing students and researchers to small businesses and SMEs?

To present SMEs accurately Signup and view all the answers

What role have small businesses and medium-sized enterprises historically played in world economic success?

Vital role Signup and view all the answers

What is one of the common measures used in 1977 to define a small firm in the manufacturing sector?

Employing fewer than 250 employees Signup and view all the answers

What defines a micro-enterprise in terms of number of workers?

At most 5 workers Signup and view all the answers

Which financial asset defines a medium-sized enterprise in the European Union, according to the text?

EUR 43 million balance sheet Signup and view all the answers

What is a common characteristic of small businesses as mentioned in the text?

Management is independent with owners usually being managers Signup and view all the answers

How do some countries differ in defining SMEs compared to the European Union?

By having an upper limit of 200 employees Signup and view all the answers

What is a defining characteristic of an SME according to the text?

Mainly local area of operations with independent management and ownership Signup and view all the answers