Caitlin Is Studying Entrepreneurship and Interviews a Business Owner

question 48

Multiple Choice

Caitlin is studying entrepreneurship and interviews a business owner.She asks the owner how she financed the preparation of the business plan.What would the business owner's response most likely be?

• A) personal savings
• B) commercial banks
• C) business suppliers
• D) asset-based lenders

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Definitions:

Month

A unit of time used in calendars that is approximately based on the natural period related to the motion of the moon; months vary in length but are roughly around 30 days.

Internal Control System

A set of processes and procedures implemented by an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Policies and Procedures

Established guidelines and methods of operation adopted by an organization to ensure consistency and compliance with standards and regulations.

Promote Efficient Operations

Strategies or practices implemented within an organization to enhance productivity and minimize waste.