A Control Plan That Helps Ensure the Security of Resources

question 96

Multiple Choice

A control plan that helps ensure the security of resources within the AP/CD process is:

• A) requisition confirmation to originating department
• B) approve vendor selection
• C) independent validation of vendor invoice
• D) independent authorization to make payment

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Definitions:

Consumer Surplus

The benefit obtained by consumers because they are able to purchase a product for a price that is less than the maximum price that they are willing to pay.

Equilibrium Price

The rate at which the amount of products offered matches the amount of products consumers want.

Unregulated Market

A market where the government does not impose price controls, quotas, or other restrictions on the forces of supply and demand.

Deadweight Loss

The diminished economic effectiveness arising from a failure to achieve or the inability to achieve equilibrium for a product or service.