A Specific Amount of Money Levied on Each Unit of a Product

question 96

Multiple Choice

A specific amount of money levied on each unit of a product brought into a country is termed as a(n) _____.

• A)ad valorem tariff
• B)value-added tariff
• C)fixed tariff
• D)prohibitive tariff
• E)zero tariff

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Definitions:

Account Receivable

Money owed to a company by its debtors for goods or services that have been delivered or sold but not yet paid for.

Subsidiary Ledgers

Detailed ledgers that provide a breakdown of individual accounts that are summarized in the general ledger.

Customers Ledger

A subsidiary ledger containing individual accounts for customers, showing each customer's sales, payments, returns, and the current balance owed.

Creditors Ledger

A ledger that keeps records of the amounts owed by the business to its suppliers or creditors.