Of a ﬁrm's ﬁve Cs of credit, which is LEAST likely to be managed directly by the ﬁrm?

Question

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Economic conditions, such as macroeconomic factors like inflation and interest rates, are generally beyond the control of individual firms and are influenced by larger economic forces. The other four Cs (Capacity, Character, Capital, and Collateral) can be managed directly by the firm through actions such as improving operational efficiency, maintaining a good reputation, maintaining sufficient capital reserves, and establishing appropriate collateral agreements.

Of a ﬁRm's ﬁVe Cs of Credit, Which Is LEAST