What Is the Minimum Basis on Which a BCP Should

question 9

Multiple Choice

What is the minimum basis on which a BCP should be updated and tested?

• A) Every 6 months
• B) Yearly
• C) Whenever the BCP procedures are changed
• D) Every 3 months

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Definitions:

Capital Balances

The amount of money that owners have invested in an entity, plus any retained earnings or subtracted losses.

Profits and Losses

Profits and losses refer to the financial gains and losses that a business incurs through its operations, reflecting the difference between revenues and expenses.

Remaining Partners

The partners who continue the business operations of a partnership after one or more partners have exited.

Independent Appraisal

An evaluation conducted by a neutral third-party to determine the value of a property, business, or other asset.