Deck 1

Question 1

What is price elasticity of demand

Answer 1

% change in quantity demanded/% change in price

Question 2

If the Demand Elasticity Coeeficient is greater than 1 it is _______

Answer 2

Elastic. Example of elasticity is when price of gases rises demand is usually going to drop. Gasoline has an elasticity quotient of 1 or greater and has a flatter slope on a graph.

Question 3

What is income elasticity of demand

Answer 3

% change in quantity demanded/ % change in income

Question 4

Cross Elasticity of Demand

Answer 4

% change in quantity demanded for X / % change in price of Y

Question 5

What main group did the Dodd Frank act create

Answer 5

Financial Stability oversight Council

Question 6

The Dodd Frank Act prohibits abanking entity from what

Answer 6

engaging in proprietary trading, sponsoring or investing in a hedge fund or private equity fund

Question 7

The Dodd Frank Act requires a payback of executive compensation when an accounting restatement occurs. how far back does that reach to?

Answer 7

3 year period

Question 8

Form 8-K must be filed how many days after a reportable event?

Answer 8

4 days

Question 9

What does COSO stand for

Answer 9

Committee of Sponsoring Organizations

Question 10

The directors duty of loyalty means

Answer 10

The director must put the interest of the corporation before their personal interest

Question 11

What are 3 categories of Internal Audit Standards

Answer 11

Attribute, Performance, Implementation