A Business Run by the Individual Who Owns It Is

question 87

Multiple Choice

A business run by the individual who owns it is referred to as a(n) _____.

• A) franchise
• B) owner-managed firm
• C) professionally-owned business
• D) novelty firm

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Definitions:

Basic Phases

Fundamental stages or steps in a process or cycle.

Supervising

The process of overseeing, directing, and managing the work and performance of individuals or teams to achieve organizational objectives.

Utilization Rates

The ratio of actual time used to the potential time available for production, indicating the efficiency of resource use.

Managerial Accounting

A field of accounting focused on providing financial information within a company to assist in decision-making and strategy development.