Which Is Generally Considered to Be the First Step in Strategic

question 5

Multiple Choice

Which is generally considered to be the first step in strategic planning?

• A) Developing a vision statement
• B) Establishing goals and objectives
• C) Making a profit
• D) Developing a mission statement
• E) Determining opportunities and threats

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Definitions:

Capital Lease

A lease considered to have the economic characteristics of asset ownership for accounting purposes.

Operating Lease

A contract that allows for the use of an asset but does not convey rights of ownership of the asset.

Capital Lease

A lease agreement in which the lessee essentially has the economic benefits and risks of ownership, often leading to the asset being recorded on the lessee's balance sheet.

Temporary Use

The use of an asset or resource for a limited period of time, not intended for long-term or permanent use.