Final answer:
The phase of the ovarian cycle that begins with the first day of menstruation and ends about 14 days later is called the Follicular phase.
Step-by-step explanation:
The phase of the ovarian cycle that begins with the first day of menstruation and ends about 14 days later is called the Follicular phase. During this phase, ovarian follicles are stimulated to begin maturing due to rising levels of FSH. The mature follicle releases an egg during ovulation, which marks the end of the follicular phase. Following ovulation, the ovarian cycle enters the luteal phase, during which the follicle is transformed into a structure called a corpus luteum that secretes progesterone.