Final answer:
A business with 350 employees can be considered a small business as firms with fewer than 500 employees fall into the small business category.
Step-by-step explanation:
The statement that a business can have 350 employees and still be considered a small business is true. According to Table 1 in the U.S. Census data of 2010, a large portion of the American economy is composed of small-scale businesses with far fewer than 500 employees. In fact, firms that have fewer than 100 workers account for 35% of the workforce in private firms. These businesses, ranging from legal practices to lawn care services, often categorize as small businesses. A large firm is typically defined as one with more than 500 employees, hence a business with 350 employees can indeed be classified as a small business within this context.