Which of the Following Statements Is True Regarding the Government

question 34

Multiple Choice

Which of the following statements is true regarding the government budget?

• A) The government's budget has been in deficit since the 1960s.
• B) The government's budget has been in deficit since World War II except for a brief period between 1998 and 2001.
• C) The government's budget was generally in surplus until the 1980s, then mostly in deficit since except for a brief period between 1998 and 2001.
• D) The government's budget was generally in surplus in the 1960s, then mostly in deficit since except for a brief period between 1998 and 2001.

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Definitions:

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials, labor, and overhead expenses.

Horizontal Analysis

A financial analysis technique that compares line items in financial statements over a number of accounting periods.

Net Sales

The amount of sales revenue remaining after deducting returns, allowances for damaged or missing goods, and discounts.

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.