A Scheme Is Classified as a Conflict of Interest

question 84

Multiple Choice

A scheme is classified as a Conflict of interest:

• A) when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
• B) when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
• C) when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
• D) when a dealer must have some kind of dealership interest in the vendor submitting the stock.

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Definitions:

Total Output

The total quantity of goods and services produced by an economy, sector, or individual producer over a specified period.

Coincidence-of-Wants Problem

Refers to the difficulty in barter transactions where each party needs to have what the other wants and be willing to trade for it simultaneously.

Trade by Barter

The exchange of goods or services between parties without the use of money as a medium of exchange.

Capital Goods

Long-term assets such as buildings, machinery, and equipment used by businesses to produce goods and services.