Bayard organized, owns, and operates, Cypress Tours in the simplest form of business organization. This is called sole proprietorship.
<h3>What is a sole proprietorship in business?</h3>
A sole proprietorship is a type of business is can be managed and operated by an individual, or a business corporation. There exist no partners in the business corporation.
Therefore, we can conclude that Bayard who owns and operates Cypress TOurs in the simplest form of the business organization runs a sole proprietorship business and not a partnership, franchise, or corporation.
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An audit program which is done on a random basis is: c) discriminant function system program.
<h3>What is an
audit program?</h3>
An audit program is also referred to as audit plan and it can be defined as a series of directions that an auditor and his or her team members must follow, in order to achieve the proper execution of an auditing process.
<h3>The types of
audit program.</h3>
In Business management, there are different types of audit program and these include the following:
- National research program.
- Discriminant function system program.
In conclusion, discriminant function system program simply refers to a types of audit program which is done on a random basis.
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Answer:
<em>B</em><em>) its covariance with the market portfolio</em>
