Which of the Following Is not One of the Defining

question 145

Multiple Choice

Which of the following is not one of the defining characteristics of small businesses?

• A) a business with 100 or fewer employees
• B) a business that makes an annual profit of less than $100,000
• C) a business that is independently owned
• D) a business that is independently operated
• E) a business that does not dominate its industry

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Definitions:

Just-In-Time Manufacturing

A production method where materials and products are made or delivered only as needed, reducing inventory costs and increasing efficiency.

Just-In-Time

An inventory strategy companies use to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Procurement Process

The series of activities undertaken by an organization to acquire goods or services.

Iron Ore

A rock or mineral from which iron can be extracted for commercial use, typically the primary input in steelmaking.