The Tariff That Was Passed in 1828 That Brought the Average

question 155

Multiple Choice

The tariff that was passed in 1828 that brought the average tariff level in the United States to over 60 percent came to be known as

• A)the Smoot-Hawley tariff.
• B)the pre-Civil War tariff.
• C)the tariff of abominations.
• D)the mother of all tariffs.
• E)None of these

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Definitions:

Petty Cash

A small amount of cash on hand used for minor, incidental expenses of a business to avoid writing checks.

Cash Over and Short

An accounting line item that indicates the discrepancies between the amount of cash in the register and the amount of cash according to the accounting records.

Journal Entry

A record of financial transactions in the accounting system, showing accounts affected, amounts, and whether those accounts are debited or credited.

Petty Cash Account

A modest sum of money maintained readily available for covering various minor outlays instantly.