Which of the Following Is True Regarding the Single Audit

question 36

Multiple Choice

Which of the following is true regarding the Single Audit Act and its amendments?

• A) All governmental entities with expenditures of federal funds in excess of $500,000 must have a single audit, if more than one program exists
• B) An audit must be designed to cover 50 percent of federal funds expended, in all cases
• C) Both of the above
• D) Neither of the above

---

Definitions:

Rule of Reason

A legal doctrine used to determine if a business practice is anticompetitive under antitrust laws.

Relevant Market

The market in which a particular product or service competes, considering both geographic reach and product or service interchangeability.

European Union

A political and economic union of 27 European countries that are located primarily in Europe.

Antitrust

Laws and regulations designed to promote competition and prevent monopolies or unfair business practices that harm consumers or the market.