The System by Which Organizations Are Directed and Controlled by Their

question 153

Multiple Choice

The system by which organizations are directed and controlled by their owners is called ________ governance.

• A) corporate
• B) business
• C) organizational
• D) company

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Definitions:

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.

Expenses

The costs incurred in the process of generating revenue, including but not limited to rent, salaries, and utilities.

Income Statement

A financial document that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and net income or loss.

Financial Record

Documents that capture all the financial transactions of an individual or an organization, serving as a historical account of financial health and activity.