Gap Errors Are Information Mistakes That Arise When a Task

question 28

True/False

Gap errors are information mistakes that arise when a task is transferred or handed off between people or groups.

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Definitions:

Banking System

A network of financial institutions, including banks, that provide financial services to the public and businesses.

Availability Float

The time difference between when a deposit is made in a bank account and when the amount becomes available for use.

Collection Float

The time gap between when a check is deposited into a bank account and when the funds become available.

Opportunity Cost

Opportunity cost refers to the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.