To Keep Track of ____ on a Project, It's Necessary

question 12

Multiple Choice

To keep track of ____ on a project, it's necessary to set up a system to collect, on a regular and timely basis, data on funds actually expended.

• A) actual cost
• B) budgeted cost
• C) projected cost
• D) estimated cost

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Definitions:

Demand

A claim; a legal obligation; a request to perform an alleged obligation; a written statement of a claim. In corporation law, a request that the board of directors sue a person who has harmed the corporation; a prerequisite to a shareholder derivative suit.

Commercial Paper

Negotiable paper such as promissory notes, drafts, and checks that provides for the payment of money and can readily be transferred to other parties.

Unconditional Order

A directive that must be followed without any stipulations or requirements.

Instrument

A formal legal document that grants rights, imposes duties, or records a transaction, such as a contract, will, or deed.