Master File Data Is the Semi-Permanent Data in an Employee's

question 11

Multiple Choice

Master file data is the semi-permanent data in an employee's file.Changes to the master file

• A)should be adequately supported.
• B)should be checked by the originator.
• C)would be entered only once per month.
• D)would be implemented on an annual basis.

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Definitions:

Law of Diminishing Returns

This economic law states that after a certain point, successive increments of a single factor of production yield progressively smaller increases in output.

Competitive Market

A market environment where numerous producers and consumers interact, leading to price competition and variety in products.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor or capital, in the production process.

Purely Competitive

Characterizes a market structure where many competitors sell identical products, ensuring no single seller can influence market prices.