Which of the Following Requires the Government to Balance Its

question 334

Multiple Choice

Which of the following requires the government to balance its budget over the business cycle?

• A) annually balanced budget
• B) cyclically balanced budget
• C) biannually balanced budget
• D) functional finance

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Definitions:

Balance Sheet

An economic report that presents the value of a corporation’s assets, liabilities, and equity held by shareholders on a given date.

Periodic Inventory Method

An inventory accounting system where updates to the inventory accounts are made on a periodic basis, typically at the end of an accounting period.

Financial Statement(s)

Reports that summarize the financial performance and position of a business or entity.

Cost of Goods Sold

Direct expenses involved in the fabrication of goods a company markets, including costs for materials and labor.