In Its 2007 Revision of the Ownership Rules,the FCC

question 21

Multiple Choice

In its 2007 revision of the ownership rules,the FCC:

• A)dropped all print-broadcast cross-ownership restrictions.
• B)dropped the cross-ownership restrictions only in small markets.
• C)dropped the cross-ownership restrictions in the 20 largest markets under some circumstances.
• D)banned television duopolies.
• E)authorized one company to own four television stations instead of two in the largest markets.

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Definitions:

Internal Control

Processes and procedures implemented by a business to safeguard its assets, ensure accurate and reliable financial reporting, promote efficiency, and ensure compliance with laws and regulations.

Assets Safeguarded

Measures or controls implemented to protect a company’s assets from theft, damage, or misuse.

Internal Control System

A system within an organization that directs, monitors, and measures its resources and processes to achieve objectives, such as financial reliability, operational efficiency, and compliance with laws and regulations.

Control Environment

The set of standards, processes, and structures that provide the basis for carrying out internal control across the organization. It sets the tone for the importance of internal control and influences the control consciousness of its people.