Part 5 - Test 1143 Flashcards
Master-servant or Employer-employee
Amount of control of the principal (employer, client) over the agent (employee, attorney); relationship in law
Virtual auditor
Type of compliance tech, identifies errors and/or compliance violations
Reasoning processes
Techniques/tools used by auditor
Comparative
Very similar but not exactly alike (transactions); same system
Contextual
Each financial transactions & compare with historical patterns
Cross-source
Transactions in different systems
Temporal
Considers the timing of financial transactions
Upscale image
Portray: train employees to follow a certain way to respond customer’s inquiries; reinforce: train employees to greet in certain way
Product
A good/service provided by a business
Shopping
Consumer’s product purchased after being compared with … (price, quality, etc.)
Capital
Products manufactured for producing other products
Convenience
Products purchased quickly (w/. out any efforts)
Specialty
Consumer’s product with special characteristics that cause customers willing to pay extra efforts for it
Price
The trade-off for purchasing a product
Relative price
Wages and prices both increase/decrease, ppl still willing to purchase products as usual
Competitive price
Setting a (lower) price than competitors
Unfair price
Too high or too low compared with competitors
Objective price
Fair and strictly related w/. the actual value of the product
Philanthropic
= charity related
Pure and speculative
2 basic types of business risk
Absolute advantage
A country can produce a product for less; a country can produce more products from a fixed input
Comparative advantage
A country specialized in the product it’s good at producing, then trade w/. another country
Trade surplus
A country’s exports are greater than imports
Quota
Trade limits that limits goods in/out the country
