Refer to the following figure when answering the next three questions.
Figure 11.7: Life Cycle Hypothesis 
-Consider Figure 11.7 of the life-cycle hypothesis. Area(s) ________ are periods of ________, and area(s) ________ are periods of ________.
Definitions:
Sole Proprietorship
A business structure where a single individual owns, manages, and is responsible for all aspects of the business.
Business Owner
An individual who legally possesses a company, bearing both the risks and benefits associated with the enterprise.
Separate Entity
A concept in accounting and law where a business is recognized as having its own legal rights and obligations, distinct from those of its owners or members.
External Funding
Financing that comes from outside an organization, often from venture capitalists, angel investors, or crowdfunding platforms to support business activities.
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