The Most Significant Source of Federal Revenue in the United

question 80

Multiple Choice

The most significant source of federal revenue in the United States before the income tax was enacted in 1913 was

• A)revenue tariffs.
• B)export tariffs.
• C)voluntary export restraints.
• D)voluntary import expansions.
• E)quotas.

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Definitions:

Product Costs

The costs directly associated with the production of goods, including direct labor, direct materials, and manufacturing overhead.

Inventoriable Costs

Costs that are initially recorded as inventory on the balance sheet and recognized as cost of goods sold only when the inventory is sold.

Conversion Cost

The combined costs of direct labor and manufacturing overhead, representing the expenses to convert raw materials into finished goods.

Manufacturing Overhead

All manufacturing costs other than direct materials and direct labor, not directly traceable to specific units produced.