Which of the Following Statements Is Incorrect with Respect to the Structure

question 65

Multiple Choice

Which of the following statements is incorrect with respect to the structure of the SEC?

• A)It is composed of seven commissioners appointed by the president of the United States.
• B)The president selects one commissioner to chair the commission.
• C)Each commissioner serves a five-year term.
• D)Commissioners' terms are staggered.
• E)Commissioners meet to assess whether existing regulations are successfully preventing abuses and to revise the regulations as needed.

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Definitions:

Inventory

Products or goods that a business holds for the purpose of sale or production in the course of business operations.

Managerial Accounting Reports

Internal reports that provide management with specific financial and operational information needed to make decisions about a company's direction and strategy.

Primary Criterion

The most important standard or measure used to evaluate or judge a variable, situation, or decision-making process.

Prime Costs

The combined costs of direct labor and direct materials involved in the production of goods.