The Small Business Administration Defines a Small Business as a Firm

question 140

Multiple Choice

The Small Business Administration defines a small business as a firm that:

• A) has fewer than 100 partners.
• B) is independently owned but not dominant in its industry.
• C) is dominant in its industry, but small in the number of workers it employs.
• D) has annual receipts of more than a specified amount depending upon the industry.

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Definitions:

Chattel

Personal property that is movable, as opposed to real estate or land.

Chose in Action

A personal right to something not in the holder's possession but recoverable through legal action.

Garnisheeing Order

A garnisheeing order is a legal directive to a third party, typically a bank, to seize or withhold money belonging to a debtor for the purpose of satisfying a judgment against the debtor.

General Security Agreement

A document that provides a lender a security interest in a range of assets of the borrower, serving as collateral for securing loan repayments.