Which of the Following Statements About the Impact of International

question 21

Multiple Choice

Which of the following statements about the impact of international business on the U.S.economy is NOT true?

• A) America exports over $1.7 trillion in goods and services each year.
• B) Almost one-third of U.S.corporate profits come from international trade and foreign investment.
• C) Every U.S.state has realized net employment gains directly attributed to foreign trade.
• D) Exports create jobs for over 50 million Americans.
• E) The U.S.exports about 20 percent of its industrial production.

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Definitions:

Petty Cash Fund

A small amount of cash kept on hand for making immediate payments for miscellaneous, small expenses.

Expense Accounts

Categories within financial accounting where expenses are recorded and tracked.

Outstanding Check

A check that has been written and recorded in the issuer's accounting records but has not yet been cashed or cleared by the bank.

Bank Reconciliation

Bank reconciliation is the process of matching and comparing the account records held by a company with the bank statements to ensure accuracy and consistency in financial records.