If you use the option Insert into Movie, it places the bmp on the timeline and in the Project Assets.
If you hover over the thumbnail in the Project Assets you can see where Elements stored it on de hard drive.
Just to clarify... I did not insert any .bmp files into the movie. Thus, my question is: When I open the project, why is PE14 asking where a .bmp file is? In other words, did PE14 create a .bmp file when I applied the Freeze Frame option? If so, then where is the .bmp file stored? If not, then why is PE14 asking for something that doesn't exist?
If you applied a freeze frame its on the hard drive.
Try your projects folder.
I searched for .bmp files. None exist. So, back to my question (because this seems to be becoming a debug issue... maybe), when the Freeze Frame option is applied, does PE14 create a .bmp file?
Yes PE creates a bmp.
Its either exported to the hdd or inserted into the movie and placed on the hdd.
If you (forgot you) deleted it from the hdd PE is never going to find it.