Skimming Involves

question 151

Multiple Choice

Skimming involves

• A) stealing cash from an organization before it is recorded
• B) Stealing cash from an organization after it has been recorded
• C) manufacturing false purchase orders, receiving reports, and invoices
• D) A clerk pays a vendor twice for the same products and cashes the reimbursement check issued by the vendor.

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Definitions:

Loanable Funds

Funds available for borrowing, which consist of household savings and international capital flows.

Compounded Annually

Refers to the process of calculating interest on both the initial principal and the accumulated interest from previous periods on an annual basis.

Interest

The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.

Withdrawals

Money or resources taken out from a system, economy, or savings for various purposes, reducing the total available amount.