Answer:
The two categories of sources of credit are formal and informal sources.
Explanation:
The formal source of credit as the name implies is an official means of obtaining loans. Its features include,
1. It is administered by corporate institutions like banks and other lending bodies.
2. It is regulated by a body in the relevant country.
3. There are recognized and standard interest rates that must be paid by the borrower.
4. It is guided by laws which both parties are expected to keep.
The Informal sources of credit are unofficial means of borrowing funds There features include,
1. They can be obtained from friends, relatives, and acquaintances.
2. There are no standard interest rates as these are determined by the lenders.
3. There are no official bodies to regulate the lending process.
4. They are mostly used by poor businessmen and women who need small loans.
<u>Answer:
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The conflict theory challenges the social disorganization theory of deviance, recognizes the inequality of the social system, and believes that gender, race, and social class impact patterns of crime and deviance.
<u>Explanation:
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- The conflict theory given by Karl Marx is inclined towards clarifying that social life is subject to inequalities, unequal distribution of resources, and imbalance of power.
- The theory counters the statements established by the theory of deviance by strongly proposing that there is a prevalence of inequality in society and it is the sole reason for social conflict.
Answer:
- The budget should be flexible
- The budget should be related to the enterprise's future goals
- The budget should have the Support of management
Explanation:
