Controls Which Are Designed to Assure That the Information Entered

question 103

Multiple Choice

Controls which are designed to assure that the information entered into the computer is authorized, complete, and accurate are called

• A) input controls.
• B) processing controls.
• C) output controls.
• D) general controls.

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Definitions:

Natural Monopolies

Natural monopolies occur in industries where the costs of production are lowest when a single firm supplies all the output, such as utilities companies.

Welfare Loss

The decrease in economic efficiency that occurs when the optimal allocation of resources is not achieved, leading to a loss of total welfare.

Unregulated Monopoly

A market condition where a single company or entity exclusively controls a particular industry or service without any governmental restrictions or oversight.

Pure Competition

A market structure characterized by a large number of small firms producing an identical product in an industry (market area) that permits complete freedom of entry and exit. Also called price-taker markets.