Match Each Term with Its Definition

question 50

Multiple Choice

Match each term with its definition.
-Used by some providers to give patients an idea of the cost for surgery or long-term treatment

• A)electronic health records software
• B)pegboard system
• C)cash control sheet
• D)trial balance
• E)assets
• F)single-entry bookkeeping system
• G)double-entry bookkeeping system
• H)fully integrated ledger system
• I)garbage in,garbage out
• J)cost estimate sheet
• K)office policy
• L)professional discount

---

Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unaffected when the price changes.

Elasticity of Demand

An indicator of the responsiveness of the quantity of a good demanded to its price alterations, showing how sensitive buyers are to changes in its cost.

Tax Burden

The total amount of taxes paid by individuals or businesses relative to their income, often discussed in the context of debates over fairness and economic policy.

Elastic

Describes a situation in which the demand or supply for a good or service changes significantly when its price changes.