Answer the following statement(s) true (T) or false (F)
1. The three functions of money are: acceptability, divisibility, and portability.
2. In order to be useful as medium of exchange money should have the following characteristics: acceptability, divisibility, portability, durability, stability, and scarcity.
3. In order to serve as an effective medium of exchange there should be an unlimited supply of money.
4. The M1 supply of money includes time deposits and money market accounts.
5. Currency only represents about 30 percent of M1.
1. FALSE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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a. Board of Directors b. Internal Audit Staff c. External Auditors d. Audit Committee
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A company has estimated its effective capacity is 1,000 units produced per day. If the company wishes to maintain a capacity utilization of at least 95%, what must its actual output be?
a. 1,000 units per day b. 1,150 units per day c. 950 units per day d. Impossible to determine from the information provided
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