Internal Control Systems

question 71

Multiple Choice

Internal control systems:

• A)are the same from company to company.
• B)are regulated by the Securities and Exchange Commission.
• C)vary from company to company.
• D)guarantee the safeguard of assets.

---

Definitions:

Households Incomes

Refers to the total amount of money earned or received by all members of a household, encompassing wages, salaries, benefits, and other income sources.

Circular Flow Model

An economic model illustrating the continuous flow of goods, services, and money between households and businesses in an economy.

Public Agency

An organization operated by the government to manage specific functions or provide services such as education, health, or transportation.

Business Structure

The legal and organizational framework chosen by a company that defines its operations, liabilities, responsibilities, and regulatory obligations.