The SEC Drafted Report Required by Sarbanes-Oxley Used Which of the Following

question 3

Multiple Choice

The SEC drafted report required by Sarbanes-Oxley used which of the following terms to refer to a principles-based approach to standards?

• A)Bright line standards
• B)Rule-oriented standards
• C)Objective-oriented standards
• D)Systematic and rational standards

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Definitions:

Taxes

Compulsory contributions to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

Government Spending

Expenditures made by the government on goods, services, and public projects to support economic activity and provide public services.

Lump-Sum Tax

A tax that is a fixed amount, not dependent on the taxpayer's income or activity level.

Advantages

Benefits or strengths that give an entity a favorable or superior position relative to competitors or alternatives.