When Kenny Applied for a Loan to Expand His Sailboat

question 65

Multiple Choice

When Kenny applied for a loan to expand his sailboat business,the bank required that his financial statements be carefully examined by a CPA.The bank is requiring Kenny to have his financial statements

• A) verified.
• B) audited.
• C) affirmed.
• D) certified.
• E) insured.

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Definitions:

Cash Register

A machine used in shops to calculate and record sales transactions and to store money.

Expressed Contract

A legally binding agreement where the terms are explicitly stated either orally or in writing.

Hula Hoop

A toy hoop that is twirled around the waist, limbs, or neck, primarily for exercise or entertainment.

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A message, usually in the form of media content, designed to promote or sell a product, service, or idea to the public.