Who Is Responsible for Operating an Enterprise

question 93

Multiple Choice

Who is responsible for operating an enterprise?

• A)The auditor.
• B)The audit committee.
• C)Management.
• D)The board of directors.

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Definitions:

Personal Income

The total amount of income earned by individuals from all sources, including wages, dividends, and interest, before taxes.

Tax Incidence

The analysis of the effect of a particular tax on the distribution of economic welfare among stakeholders.

Elastic Demand

Elastic demand refers to a situation where the quantity demanded of a product or service significantly changes in response to changes in its price.

Excise Tax

A specific type of tax imposed on certain goods, services, or activities, often aimed at discouraging their use or raising revenue from specific sources.