Tunebeak, a fast food service chain, wants to introduce a new product. However, it lacks the financial support required to promote its product. Therefore, it sells its accounts receivables from its customers to a financing firm and is able to invest in the promotion of its product. Which of the following short-term financing options is being used by Tunebeak in the given scenario?
A. Commercial paper
B. Factoring
C. Short-term bank loans
D. Trade credit
Answer: B. Factoring
Business
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