Use the Following to Answer Questions

question 270

Multiple Choice

Use the following to answer questions :
-(Table: The Production Possibilities for Tractors and Crude Oil) Look at the table The Production Possibilities for Tractors and Crude Oil. The United States has a comparative advantage in _____ and Mexico has a comparative advantage in _____.

• A)both goods; neither good
• B)neither good; both goods
• C)tractors; crude oil
• D)crude oil; tractors

---

Definitions:

Petty Cash System

A method used by businesses to manage small, daily expenses, involving a small store of cash on hand.

Cash Payments

Financial activities that result in the spending of cash to fulfill debts or acquire products and services.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those shown on a bank statement to ensure they are in agreement.

Journal Entries

Records that document financial transactions in an accounting system, indicating the accounts and amounts to be debited and credited.