Which Two Groups of Decision Makers Are Included in the Simple

question 142

Multiple Choice

Which two groups of decision makers are included in the simple circular-flow diagram?

• A)markets and government
• B)households and government
• C)firms and government
• D)households and firms

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Definitions:

Voucher

A document that serves as evidence for a transaction and authorizes a payment.

Purchase Requisition

An internal document used by an organization to request permission for a purchase before initiating the actual procurement process.

Purchase Order

A formal document sent from a buyer to a seller, requesting the purchase of goods or services, outlining quantities and prices.

Voucher Register

A record keeping system that tracks the issuance, payment, and cancellation of vouchers, detailing financial transactions such as payments made or received.