MODULE 5

Question 1

a social unit with commonality such as norms, region, values, customs, or identity.

Answer 1

community

Question 2

may share a sense of place situated in a given geographical area ( country, village town, or neighborhood) or in virtual pace through communication platforms

Answer 2

communities

Question 3

may also refer to large group affiliations such as national communities, international communities, and virtual communities

Answer 3

communities

Question 4

when we say business makes the community unique, it means

Answer 4

you are giving flavor to the community

Question 5

when business owners participate and volunteer at fairs, festivals, and connect with the members of the community, this is what we call

Answer 5

local decision and involvement

Question 6

MSME stand for

Answer 6

Micro, Small, and Medium Enterprises

Question 7

theses industries form the backbone of our economy and need assistance and protection from other big companies as they lack resources and technology

Answer 7

msme

Question 8

this are everywhere around us like an ice-cream parlor or your favorite cafe in your neighborhood

Answer 8

microenterprises

Question 9

these are small businesses with minimal employees and minimal capital

Answer 9

micro enterprises

Question 10

microenterprises usually operate with

Answer 10

less than 10 people

Question 11

in developing country, ______ compels micro entrepreneurs. They add value to the economy by creating mmicro-business, enhancing income and lowering the overall cost of business

Answer 11

necessity

Question 12

example of micro-entrepreneurs

Answer 12

independent mechanics
computer services
lawn and landscaping companies
small farmers
carpenters
accounting
plumbers
shoemakers
machine shop operators

Question 13

a business that employs a small number of workers and does not have a high volume of sales

Answer 13

small enterprises

Question 14

it is an independently owned and operated company that is limited in size and in revenue depending on the industry. (Sole proprietorships, corporations or partnerships)

Answer 14

small enterprises

Question 15

small enterpriss are usually privately owned..

Answer 15

sole proprietorships
corporations
partnerships

Question 16

made up of enterprises which employ fewer than 250 persosns

Answer 16

medium enterprises

Question 17

these enterprises emerge from the slow and steady growth of successful small businesses. As a company earns more revenue, it tarts keeping aside the capital required for buildings, equipment, and recruitment of more employees.

Answer 17

medium enterprises

Question 18

this eventually creates a bridge between small businesses and big corporations

Answer 18

medium enterprises

Question 19

small business that employs a small number of people

Answer 19

microenterprise

Question 20

operates with lower than 10 people and is started with a small amount of capital

Answer 20

microenterprise

Question 21

specialize in providing goods or services for their local areas

Answer 21

microenterprise

Question 22

types of microenterprises

Answer 22

• lawn and landscaping companies
• street vendors
• carpenters
• plumbers
• independent mechanics
• machine stop operators
• shoemakers
• small farmers
• bakery owners
• caterers
• seamstresses and tailors
• dry cleaners

Question 23

5 positive impacts that local businesses have on their communities

Answer 23

1. local businesses recycle revenue into the community local businesses pump revenue into the community in different ways
2. local businesses create jobs
3. local businesses generate tax revenue
4. local businesses support community goals
5. local business support local culture and identity

Question 24

what are the 3 ways where local businesses recycle revenue into the community local businesses pump revenue into the community in different ways

Answer 24

direct revenue
indirect revenue
induced revenue

Question 25

money that is spent by the business in order to operate ( taxes, license, inventory, utilities, salaries)

Answer 25

direct revenue

Question 26

money that was given to local governments and their local businesses, which is then used to support those entities

Answer 26

indirect revenue

Question 27

money spent by consumers as they use their personal income in the local economy

Answer 27

induced revenue

Question 28

a positive impact where mall businesses employ people from within the community, they provide a great opportunity for career growth and mobility

Answer 28

local businesses create jobs

Question 29

sales tax, license, and other charges on businesses

Answer 29

local businesses generate tax revenue

Question 30

in order for local businesses to thrive, their communities must thrive. Local business owners are likely to step up and get involved with community initiatives because of this mutual dependency. Business owners are keenly aware of the needs of their community because they are directly invested in its strength and success.

Answer 30

local businesses support community goals

Question 31

just as local business success is closely tied to community success, the culture of a local business and the culture of a community often directly influence each other.

Answer 31

local businesses support local culture and identity

Question 32

whatever the business, once it has stood the test of time it becomes a part of the fabric of the community. the business might own a distinctive piece of property

Answer 32

local businesses support local culture and identity