The Balance of Payments Is

question 41

Multiple Choice

The balance of payments is

• A) a summary record of the financial transactions of a country's government with foreign governments.
• B) a summary record of a country's imports and exports of goods with foreign residents and governments.
• C) a summary record of a country's economic transactions with foreign residents and governments.
• D) a summary record of a country's purchases and sales of goods and services in the world market.

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Definitions:

Statement of Income and Expense

A financial document that summarizes revenue and expenses over a specific period, showing net profit or loss.

Profitability

The financial metric that measures the degree to which a business or activity yields profit or financial gain.

Quarterly Return

The Employer’s Quarterly Federal Tax Return, a form submitted to the IRS every 3 months that summarizes the federal income and employment taxes withheld from employees’ paychecks.

Revenue

The total income generated from goods sold or services provided by a business, which can be before or after any deductions are made.