When a Decision Must Be Made Quickly, the Best Decision

question 7

Multiple Choice

When a decision must be made quickly, the best decision making strategy is

• A) democratic.
• B) consensus.
• C) autocratic.
• D) participative.

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Definitions:

Accounts Payable

Liabilities or money owed by a business to its creditors or suppliers for goods and services received.

Non-interest Bearing

Refers to debt or a financial instrument that does not accrue interest over time, meaning the borrower only repays the principal amount.

Loan Receipt

The documentation acknowledging the receipt of funds borrowed from a lender.

Effective-Interest Method

The effective-interest method is a financial accounting technique used to allocate loan or investment interest payments and premium/discount adjustments over the relevant period, providing a more accurate representation of financial performance.