The Hawley-Smoot Tariff

question 60

Multiple Choice

The Hawley-Smoot Tariff:

• A) raised taxes on imported goods.
• B) increased international trade.
• C) was vetoed by Hoover.
• D) had no effect on the economy in 1930.
• E) improved the economy slightly in 1930.

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Definitions:

Generally Accepted Accounting Principles

A set of accounting standards and procedures adopted in the U.S. that guide how financial statements are prepared and reported.

Correcting Entries

Entries made in a journal to correct mistakes or inaccuracies found in the financial statements or ledgers after they have been posted.

Revenue

The sum of income a corporation generates from selling products or offering services over a specified timeframe.

Expense

refers to the money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.