According to the Textbook, There Are Three Types of Startup

question 66

Multiple Choice

According to the textbook, there are three types of startup firms: ________.

• A) lifestyle firms, general firms, and entrepreneurial firms
• B) standard-of-living firms, statutory firms, and general firms
• C) entrepreneurial firms, standard-of-living firms, and statutory firms
• D) lifestyle firms, salary-substitute firms, and entrepreneurial firms
• E) innovative firms, entrepreneurial firms, and standard firms

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Definitions:

Actual Results

The actual outcomes or figures achieved by a business, contrasting with forecasts or budgeted amounts.

Revenue Variance

The difference between the actual revenue for the period and how much the revenue should have been, given the actual level of activity. A favorable (unfavorable) revenue variance occurs because the revenue is higher (lower) than expected, given the actual level of activity for the period.

Sales Revenue

The income received from selling goods or services over a period of time.

Actual Level

The real, observed or measured value of a variable or condition, as opposed to an estimated or theoretical level.