Long-Range Planning

question 1

Multiple Choice

Long-range planning

• A) generally presents more detailed information than an annual budget.
• B) generally encompasses a longer period of time than an annual budget.
• C) is usually more accurate than an annual budget.
• D) is prepared on a quarterly basis if the budget is prepared on a quarterly basis.

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Definitions:

Trade Restrictions

Regulations and policies that governments enact to control the free trade and exchange of goods and services across borders.

Import Quota

A restriction enforced by the government on the volume or price of merchandise that may be imported into a country.

Tariff

A tariff is a tax imposed by a government on imported or exported goods to regulate trade, often to protect domestic industries.

Free Trade

An economic policy that allows imports and exports between countries with minimal governmental restrictions or tariffs.