Risk Is

question 59

Multiple Choice

Risk is:

• A) a measure of uncertainty.
• B) measured by tolerable error.
• C) to be avoided in the audit.
• D) all of the above

---

Definitions:

Selling Price

The amount for which a product or service is sold to the customer.

Market Price

The current value at which an asset or service can be bought or sold in a marketplace.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Marginal Revenue

The additional income gained from selling one more unit of a good or service.