INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 55

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-The most accurate way to determine how much life insurance you need is to use the [multiple earnings | needs] approach.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Control Procedure

A set of standardized practices and procedures implemented by a business to ensure accuracy and integrity in its financial and operational activities.

Sarbanes-Oxley Act

A U.S. law enacted in 2002 that aims to protect investors by making corporate disclosures more reliable and accurate through the establishment of new or enhanced standards for all U.S. public company boards, management, and public accounting firms.

Internal Control Procedures

These are policies and procedures implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Public Companies

Companies that issue publicly traded debt or equity securities.