The Bretton Woods System

question 220

Multiple Choice

The Bretton Woods system

• A)established a worldwide gold standard
• B)established a worldwide system of fixed exchange rates
• C)established a worldwide system of flexible exchange rates
• D)harmonized tariff systems
• E)was restricted to industrialized nations

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Definitions:

Service Revenue

Income earned from providing services as opposed to selling goods.

Income Statement

A financial statement that shows a company's revenues, expenses, and net income over a specific period of time.

Cash Collected

The total amount of money received by a company during a specific period.

Expense Recognition Principle

An accounting principle that expenses should be recognized and recorded when they are incurred, not necessarily when they are paid.