In the 1990s, Many of the Social Welfare Programs That

question 6

Multiple Choice

In the 1990s, many of the social welfare programs that had been previously handled by the federal government were left up to the states to handle. Some states implemented stricter criteria for qualifying for welfare benefits and imposed limits on how long a person could receive those benefits. Each state has adopted different requirements and imposed different limitations on their welfare programs, which is a result of ______.

• A) corruption
• B) discrimination
• C) devolution
• D) privatization

Recognize the impact of technology on improving internal control systems and reducing errors.

Interpret the information presented in bank statements and their implication for cash management.

Apply knowledge of internal control principles to identify weaknesses in control systems.

Calculate and assess the financial metrics related to cash management, such as days' sales uncollected.

---

Definitions:

Cognitive Schema

A mental framework or structure that organizes and interprets information in the brain.

Hindsight Bias

The tendency to overestimate one’s ability to have predicted an event after the outcome is known; the “I knew it all along” phenomenon.

Heuristic

A rule of thumb that suggests a course of action or guides problem solving but does not guarantee an optimal solution.

Cognitive Schema

A mental framework that helps organize and interpret information, based on past experiences and knowledge.