If GNP Is $625 Billion, Receipts of Factor Income from the Rest

question 123

Multiple Choice

If GNP is $625 billion, receipts of factor income from the rest of the world are $25 billion, and payments of factor income to the rest of the world are $50 billion, then GDP is

• A) $550 billion.
• B) $600 billion.
• C) $650 billion.
• D) $700 billion.

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Definitions:

Internal Control System

A set of processes and procedures implemented by an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Policies and Procedures

Established guidelines and methods of operation adopted by an organization to ensure consistency and compliance with standards and regulations.

Promote Efficient Operations

Strategies or practices implemented within an organization to enhance productivity and minimize waste.

Days' Sales

Days' sales, often referred to as days sales outstanding (DSO), measures the average number of days it takes a company to collect payment after a sale has been made.