Microloans in the SBA Credit Program Are Made by Not-For-Profit

question 31

True/False

Microloans in the SBA credit program are made by not-for-profit or government-affiliated Community Development Financial Institutions (CDFIs).

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Definitions:

Fiscal Year

A twelve-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.

Accounting Period

An accounting period is a specific duration of time used to measure and report financial activity, such as monthly, quarterly, or annually.

Recording Revenues

The process of documenting income received by a business from its various activities, such as sales or services, in its financial records.

Current-Period Income

Current-period income refers to the net income earned by a company during the current accounting period, indicating its profitability.