In Developing Policies Related to Personal Information About Customers,Folding Squid

question 37

Multiple Choice

In developing policies related to personal information about customers,Folding Squid Technologies adhered to the Trust Services framework.The standard applicable to these policies is

• A) security.
• B) confidentiality.
• C) privacy.
• D) availability.

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Definitions:

Notes Receivable

Represents claims for which formal written promises of payment have been received by the business.

Initial Franchise Fee

The upfront cost paid by a franchisee to a franchisor for the rights to use the franchisor's brand, business model, and resources to operate a franchise.

Gross Profit

The financial metric that represents the difference between sales revenue and the cost of goods sold (COGS), indicating the efficiency of a company in managing labor and supplies in production.

Deferred Gross Profit

The portion of gross profit on installment sales that is not recognized immediately but is deferred until cash is received.