Which of the Following Is Correct

question 83

Multiple Choice

Which of the following is correct?

• A) Both imports and exports include goods and services.
• B) Both exports and imports include goods and neither includes services.
• C) Imports include both goods and services but exports include only goods.
• D) Imports include only goods but exports include both goods and services.

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Definitions:

Terms 2/10, N/30

Payment terms indicating a 2% discount is available if payment is made within 10 days; otherwise, the net (full) amount is due within 30 days.

Gross Price Method

A pricing strategy where the price of a product or service includes all taxes, tariffs and fees that may apply to the transaction.

Sales Discounts

A reduction in the price of a product or service that is offered to a customer to encourage timely payment.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services provided on credit, recognized as an asset on the balance sheet.