When Approving an Invoice for Payment

question 162

Multiple Choice

When approving an invoice for payment:

• A) the receiving department should examine the payment packet to make sure all the documents agree.
• B) after payment, the payment packet should be stamped "paid".
• C) checks should be returned to the department who prepared them for mailing.
• D) the person who ordered the goods should examine the payment package to make sure all the documents agree.

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Definitions:

Consumption Function

An economic formula representing the relationship between total consumption and gross national income, indicating how income changes affect spending habits.

Aggregate Income

The total income earned by all factors of production in an economy over a specific time period, including wages, rents, interest, and profits.

Aggregate Consumption

The total amount of goods and services consumed in an economy over a given period of time.

Consumption Function

A formula that expresses the relationship between total consumption and gross national income.