When Michele Had Only Three Employees, She Performed Most of the Records-Keeping

question 47

Multiple Choice

When Michele had only three employees, she performed most of the records-keeping tasks herself and kept a general idea of finances in her head. Now that her business has expanded, she is having money problems. What should Michele do?

• A) Reach out to the local business development organization for assistance.
• B) Create and follow a set of financial controls.
• C) Take a course in financial accounting at the local college.
• D) Relinquish some of her other duties so she can focus on the money end of the business.

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Definitions:

Express Repudiation

The clear and unequivocal refusal to fulfill one's duties or obligations under a contract.

Specific Performance

A legal remedy requiring a party to execute a contract according to its precise terms, often applied in cases where monetary damages are insufficient.

Monetary Judgement

A legal determination requiring a party to pay a specified sum of money to another.

Express Repudiation

The explicit rejection or refusal to fulfill a duty or obligation set forth in a contract.