Question: 1
Which of the following phases of a business cycle are marked by an underuse of resources?
1. The trough.
2. The peak.
3. The recovery.
4. The recession.
Question: 2
Which of the following are appropriate reasons for internal auditors to document processes as part of an audit engagement?
1. To determine areas of primary concern.
2. To establish a standard format for process mapping.
3. To define areas of responsibility within the organization.
4. To assess the performance of employees.
Question: 3
Which of the following are typical responsibilities for operational management within a risk management program?
1. Implementing corrective actions to address process deficiencies.
2. Identifying shifts in the organization's risk management environment.
3. Providing guidance and training on risk management processes.
4. Assessing the impact of mitigation strategies and activities.
Question: 4
According to the International Professional Practices Framework, which of the following statements is true regarding a corporate social responsibility (CSR) program?
1. Every employee generally has a responsibility for ensuring the success of CSR objectives.
2. The board has overall responsibility for the effectiveness of internal control processes associated with CSR.
3. Public reporting on the CSR governance process is expected.
4. Organizations generally have flexibility regarding what is included in a CSR program.
Question: 5
Which of the following is classified as a product cost using the variable costing method?
1. Direct labor costs
2. Insurance on a factory.
3. Manufacturing supplies.
4. Packaging and shipping costs
