A Charge Levied on Imports in Terms of a Fixed

question 132

Multiple Choice

A charge levied on imports in terms of a fixed percentage of value is known as a(n) :

• A)specific tariff.
• B)ad valorem tariff.
• C)import quota.
• D)import concession.
• E)import substitution.

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Definitions:

Earned

Income, benefits, or rights obtained as a result of work or contribution.

Invoice

A document issued by a seller to a buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided.

Credit Purchase

The acquisition of goods or services with an agreement to pay later, usually within an agreed period.

Recorded

The act of entering financial transactions into the accounting records of a business.