Question

efferson is interested in starting his own business. He plans to borrow money from the local bank in order to finance the business. They will require him to submit a business plan and a(n) _____.
a.
buy-out plan
b.
income statement
c.
partnership agreement
d.
financial plan



Please select the best answer from the choices provided


A
B
C
D

Answer 1

D

Banks typically require a business plan plus a financial plan (pro forma financials showing projected income, cash flow, and balance sheet).