_____ Refers to the Way an Economy Organizes to Use

question 264

Multiple Choice

_____ refers to the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in society.

• A) Resource utilization
• B) Socio-economic policy
• C) The way a firm measures value
• D) Separation of values
• E) Economic system

---

Definitions:

Factoring Proceeds

The cash received by a company from selling its accounts receivable to a third party, often at a discount, to immediately improve cash flow.

Noncollections

Amounts due to a company for goods or services provided that have not been collected.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally.

U.S.GAAP

U.S.GAAP stands for United States Generally Accepted Accounting Principles, which are a set of accounting standards used for financial reporting in the U.S.