Holding Managers Accountable Only for the Factors Over Which They

question 16

Multiple Choice

Holding managers accountable only for the factors over which they have control is called:

• A) management control systems.
• B) responsibility accounting.
• C) decentralization.
• D) centralization.

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Definitions:

Efficient Production

The process of producing goods or services in a way that minimizes waste and maximizes the use of resources.

Circular-flow Diagram

An economic diagram that traces the path of monetary transactions between markets, involving both households and business entities.

Production Possibilities Frontier

A curve that illustrates the maximum feasible amount of two goods that can be produced with given resources and technology.

Opportunity Cost

The financial setback of forgoing the next highly regarded alternative when determining a course of action.