If You Cannot Convey Your Product or Service Idea to Your

question 8

Multiple Choice

If you cannot convey your product or service idea to your audience of prospective financial backers in a few short sentences,you should ______.

• A)provide everyone with a detailed business plan document.
• B)abandon your product or service idea.
• C)spend time getting a clearer sense of the essence of your product.
• D)remind your audience that they are missing out on a unique opportunity.

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Definitions:

Economic Entity Assumption

An accounting principle that treats a company as a separate entity from its owners or shareholders for financial reporting purposes.

Economic Events

Transactions and occurrences that have a direct impact on the financial position and performance of a company, including both internal and external activities.

Sole Proprietorship

A business structure where an individual owns the company and is personally responsible for its debts.

Relevant Accounting Information

Information that is capable of making a difference in the decision-making process by being timely and having predictive and/or feedback value.