Serfass Corporation's contribution format income statement for July appears below: Sales $ 468,000 Variable expenses 234,000 Contribution margin 234,000 Fixed expenses 53,820 Net operating income $ 180,180 The degree of operating leverage is closest to

the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.