Business Size
What does SMB stand for?
SMB stands for Small or Medium-Sized Business.
What is a for-profit business?
A business that operates to make money for its owners.
What is a sole proprietorship?
A business owned and operated by one person.
What is a co-operative?
A business owned and controlled by its members.
How many people does an SMB employ?
An SMB employs fewer than 500 people.
Name a large non-profit organization in Canada.
The Canadian Breast Cancer Foundation.
Name one benefit of sole proprietorship.
Full control and simple setup.
What is the role of members in co-ops?
Members make democratic decisions (one member, one vote).
What % of Canadian workers are in SMBs?
Over 60% of the Canadian workforce is employed by SMBs.
How do non-profits make money?
Donations, grants, memberships, and product sales.
Name the biggest drawback of sole proprietorship.
Owner has unlimited liability for debts.
Name a pro of a co-op.
Members are not responsible for all debts and losses.
Are most businesses in Canada SMBs?
Yes, most businesses in Canada are SMBs.
What is a not-for-profit?
An organization that serves its members and reinvests surplus funds into its services.
What is a partnership?
A business owned by two or more people.
Name a con of a co-op.
It takes longer to make decisions and requires participation.
What defines a large business in Canada?
A large business employs 500 or more people.
Difference between non-profit and not-for-profit?
A non-profit helps the community at large, while a not-for-profit serves its members.
What is a corporation?
A legal entity separate from its owners, with limited liability.
How is a co-op different from a corporation?
Co-ops are democratically controlled and may be for- or not-for-profit