Which of the Following Is CORRECT

question 50

Multiple Choice

Which of the following is CORRECT?

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

---

Definitions:

Net Income

The total profit of a company after all expenses, including taxes and operating costs, are subtracted from total revenue.

Revenue

The income received by a company from its business activities, usually from the sale of goods and services to customers.

Expenses

Money spent or cost incurred in an entity's efforts to generate revenue, representing the cost of doing business.

Liability

An obligation of the company that arises from past transactions or events, leading to a probable future sacrifice of economic benefits.