Which of the Following Is an Independent Check on Performance

question 20

Multiple Choice

Which of the following is an independent check on performance?

• A)The Purchasing Agent physically reviews the contents of shipments and compares them with the purchase orders he has placed.
• B)Production teams perform quality evaluations of the products that they produce.
• C)The General Manager compares budgeted amounts with expenditure records from all departments.
• D)Petty cash is disbursed by Fred Haynes.He also maintains records of disbursements,places requests to finance to replace expended funds,and periodically reconciles the petty cash balance.

---

Definitions:

Monopoly Price

The price set by a monopolist, which is typically higher than in competitive markets, reflecting the monopolist's market power and lack of competition.

Patents and Copyrights

Legal tools that give creators and inventors exclusive rights to their creations and inventions for a certain period, encouraging innovation.

Collude

When two or more firms agree to work together, usually secretly, to limit competition and increase prices.

Monopolist

A monopolist is a sole provider of a particular product or service in the market, possessing the power to control market prices and output levels.