A Voucher System Is a Series of Prescribed Control Procedures

question 49

Multiple Choice

A voucher system is a series of prescribed control procedures

• A) to check the credit worthiness of customers.
• B) designed to assure that disbursements by check are proper.
• C) which eliminates the need for a sales journal.
• D) specifically designed for small firms who may not have checking accounts.

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Definitions:

Equilibrium Price

Equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service.

Pumpkin Market

A theoretical or real market where pumpkins are bought and sold, often used to illustrate principles of supply and demand or seasonal markets.

Consumer Surplus

The gap between what consumers are ready to pay in total and what they end up actually paying.