Details That Support Business Transactions Make Up What Is Called

question 19

Multiple Choice

Details that support business transactions make up what is called:

• A)internal control.
• B)monitoring.
• C)risk assessment.
• D)an audit trail.

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Definitions:

Demand Curve

A graph representing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Normal Profits

The minimum profit necessary for a company to remain competitive in the market, often equated to the opportunity cost of capital.

Allocative Efficiency

A state of the economy where resources are allocated in a way that maximizes the overall benefit to society.

Productive Efficiency

A point at which an economy operates at the lowest possible cost by utilizing all of its resources efficiently.