The Combination of Personnel,records and Procedures That a Business Uses

question 51

Multiple Choice

The combination of personnel,records and procedures that a business uses to meet its need for financial data is referred to as the:

• A)accounting information system.
• B)management system.
• C)input system.
• D)collecting and reporting system.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that buyers are willing to purchase.

Marginal Value

Refers to the additional benefit derived from consuming or producing one more unit of a good or service.

Slopes Downward

Describes a line on a graph that represents a decrease in one variable as another variable increases, typically associated with demand curves.

Consumer Surplus

The difference in the total funds consumers are willing and able to disburse for a good or service compared to the actual expenditure.