Local vs National Business Quiz

Local businesses primarily serve customers who live far away from their business.

A national business operates within a single country and does not serve international markets.

International businesses operate and sell their products/services in only one country.

Globalization has led to an increase in the number of stakeholders for businesses.

Stakeholders are individuals who have no interest in what a business does.

Small local businesses face challenges related to financial funds and customer acquisition.

The three primary factors of production are labour, land, and entrepreneurship.

The tertiary sector is more important in economically developed countries than in emerging countries.

The secondary sector mainly involves farming and mining activities.

In countries with high GDP per capita, the primary sector contributes significantly to the economy.

Globalization has led to a decrease in the importance of the third sector in developed countries.

The primary sector includes industries like banking, insurance, and coaching.

GDP is a perfect indicator of economic wellbeing in a country.

Not-for-profit organizations aim to make a profit for their owners and investors.

Every business, regardless of being profit-oriented or not-for-profit, needs to achieve a certain level of revenue to survive long-term.

99% of all businesses in the EU are considered MSMEs (Micro, Small, Medium Enterprises).

The size of a business is not relevant in terms of legal requirements for accounting.

Profit-oriented businesses do not aim to make a profit because profits are not beneficial for reinvesting.