Table 6.1 -Refer to Table 6.1.Using the Table Above, What Is the What

question 7

Multiple Choice

Table 6.1
-Refer to Table 6.1.Using the table above, what is the approximate growth rate of real GDP from 2014 to 2015?

• A)-1.5%
• B)1%
• C)2%
• D)3%
• E)4%

---

Definitions:

Responsibility Reporting System

The preparation of reports for each level of responsibility in the company’s organization chart.

Static Budget

A fixed budget that does not change or adapt based on any variations in a company's activity levels or performance.

Flexible Budget

A budget that adjusts or varies with changes in volume, activity, or other relevant factors.

Responsibility Accounting

A system of accounting that involves assigning revenues and costs to the managers responsible for their incurrence, promoting accountability.