Which of the Following Are Components of the COSO Enterprise

question 50

Multiple Choice

Which of the following are components of the COSO enterprise risk management framework? 1. Objective setting. 2. External environment. 3. Data collection. 4. Control activities.

• A) 1 and 3 only
• B) 1 and 4 only
• C) 2 and 3 only
• D) 2 and 4 only

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Definitions:

Effective Average

A calculated mean intended to provide a more accurate or meaningful representation of a set of values, taking into account various factors.

Federal Taxes

Taxes collected by the national government, including income taxes and Social Security taxes.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied responds infinitely or massively at a particular price level, often represented by a horizontal line on a graph.

Excise Tax

An indirect tax charged on the sale of a particular good, usually intended to discourage use of the good or to raise revenue.