Which of the following are potential benefits of an effective document retention policy to a small business?

1. To ensure all documents are stored forever
2. To meet legal and tax requirements of the business
3. To mitigate risks arising from internal and external disputes of the business
4. To increase operational efficiency and maintain control over costs

A. 1, 2, 3, and 4
B. 1 and 3 only
C. 2, 3, and 4 only
D. 1, 2, and 4 only

An effective document retention policy benefits a small business by meeting legal and tax requirements, mitigating risks, and increasing operational efficiency.

Explanation:

Benefits of an effective document retention policy for a small business:

To meet legal and tax requirements of the business.
To mitigate risks arising from internal and external disputes of the business.
To increase operational efficiency and maintain control over costs.

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