What Is the Difference Between a Policy and a Procedure

question 3

Multiple Choice

What is the difference between a policy and a procedure?

• A) A policy is more specific than a procedure.
• B) A policy is more enduring than a procedure.
• C) A procedure requires less frequent modification than a policy.
• D) A procedure limits variations in actions more than a policy.

---

Definitions:

Current-Year Prices

Prices of goods and services measured during the same year of analysis, not adjusted for inflation.

Base-Year Quantities

Quantities of goods and services in a specific base year used for comparison or calculation purposes in economic analysis.

Laspeyres Index

A measure of the change in the cost of purchasing a specified set of goods and services over time, using the quantities bought in a base period as weights.

Bankruptcy Law

Legal statutes and regulations that govern the process by which individuals or enterprises can declare their inability to pay their debts and seek relief.