An Excise Tax on Imported Items Is Known as A(n)

question 55

Multiple Choice

An excise tax on imported items is known as a(n)

• A) quota.
• B) tariff.
• C) export restriction.
• D) price ceiling.

---

Definitions:

Tax Effect

The impact of tax laws on business transactions, which influences how these transactions are structured and reported.

Financial Assets

Assets that derive value because of a contractual claim, such as stocks, bonds, and bank deposits.

Current Liability

Refers to a company's financial obligations that are due to be settled within one year or within the normal operating cycle of the business.

Non-Current Liability

Liabilities not due for settlement within 12 months from the balance sheet date, representing longer-term financial obligations.