A Business Having Fewer Than 100 Employees, Independently Owned and Operated

question 99

Multiple Choice

A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices is a(n)

• A) Nonprofit opportunity.
• B) Small business.
• C) Speculative start-up.
• D) Entrepreneurial venture.
• E) Incubator.

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Definitions:

Direct Labor-hour

A measure of labor input based on the time workers spend on a specific task or product.

Direct Labor Cost

The total cost of all labor directly involved in the production of goods or services, excluding indirect expenses such as managerial salaries.

Budgeted Production

The quantity of products a company plans to produce over a certain period, as determined during the budgeting process.

Budgeted Production

An estimate of the number of units that should be produced in a period to meet anticipated sales.