A Small Business Is One That Is Independently Owned and Operated

question 2

True/False

A small business is one that is independently owned and operated and is dominant in its field of operation.

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Definitions:

Responsibility Accounting Reports

Internal financial reports that track the financial performance of specific departments, managers, or units, highlighting areas of responsibility.

Profit Centers

Parts of a company treated as standalone businesses responsible for generating their own revenues and profits.

Income Statements

A financial report that details a company's revenues, expenses, and profits over a specific period, showing how the net income is derived.

Return on Investment

A measure used to evaluate the efficiency or profitability of an investment, computed as the net profit of the investment divided by the cost of the investment.