An Element of Internal Control Is

question 91

Multiple Choice

An element of internal control is

• A)fidelity insurance.
• B)prepaid insurance.
• C)monitoring.
• D)insurance expense.

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Definitions:

Marginal Benefit

The enhanced enjoyment or utility gained from the consumption of one extra unit of a good or service.

Total Revenue

The collective revenue a business accumulates from sales of products or provision of services within a set period.

Allocative Efficiency

A state of the economy in which resources are allocated in a way that maximizes the overall benefit to society, where the marginal costs of production are equal to the marginal benefits for all goods and services.

Producer Surplus

The difference between the amount producers are willing to supply a good for and the amount they actually receive.