The Accounting Department at S&B Productions Uses Information Systems to Monitor

question 55

Multiple Choice

The accounting department at S&B Productions uses information systems to monitor expenditures and compare them against budgets.Managers use this information to see if they are meeting goals.When necessary, managers take corrective actions.Information that has _____ gives managers all the information they need to make an effective decision.

• A)timeliness
• B)completeness
• C)quality
• D)relevance
• E)accuracy

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Definitions:

Total Revenue

The total amount of money received by a firm from selling its goods or services.

Price Elastic

Describes how sensitive the demand for a good or service is to changes in its price.

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in the income of consumers.

Demand Is Elastic

A situation where the quantity demanded of a product changes significantly with a change in its price.