The Required Report or Statements in the General Purpose Federal

question 28

Multiple Choice

The required report or statements in the general purpose federal financial report that addresses forward-looking information regarding the possible effects of currently known demands,risks,and uncertainties,and trends in the federal entity is (are) :

• A)Basic statements.
• B)Required supplemental information.
• C)Management discussion and analysis.
• D)Related notes to the financial statements.

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Definitions:

Increase in Demand

Occurs when more of a good or service is sought by consumers at each and every price, often represented by a rightward shift of the demand curve.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.

Demand Falls

A situation where there is a decrease in the quantity of a product or service that consumers are willing and able to purchase at a given price.

Equilibrium Quantity

At the market equilibrium price, the amount of goods or services offered matches the amount requested.