A Tax That Is Imposed by the Importing Country When

question 46

Multiple Choice

A tax that is imposed by the importing country when an imported good crosses its international boundary is called

• A)an import quota.
• B)an income tax.
• C)a voluntary export restraint.
• D)a tariff.
• E)a sales tax.

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Definitions:

Liabilities

Financial obligations or debts that a company or individual owes to others, which must be satisfied in the future.

Revenues

The total amount of money received by a company from its business activities, such as sales of goods or services, over a specified period.

Adjusting Entries

Journal entries made at the end of an accounting period to update the accounts and ensure that the correct amounts are reported in the financial statements.

Reports Menu

A feature in accounting or business software that allows users to generate and view various financial and operational reports.