While Ideally the Board of Directors Financial Audit Committee Conducts

question 6

Multiple Choice

While ideally the board of directors financial audit committee conducts ethics audits,in most firms they are conducted by

• A)managers or ethics officers.
• B)executive officers.
• C)the CEO.
• D)outside consultants.
• E)secondary stakeholders.

---

Definitions:

Dependency Exemption

A tax deduction for taxpayers who support dependents, significantly reduced with the Tax Cuts and Jobs Act of 2017.

Support

In tax terms, support refers to the financial assistance provided for the maintenance of a person, often considered in dependency exemptions.

Life Insurance Premiums

The payments made to an insurance company in exchange for life insurance coverage, which can sometimes be tax-deductible.

Standard Deduction

A fixed amount that reduces the income subject to tax, available to taxpayers who do not itemize deductions.