A Tax of 15 Percent Per Imported Item Would Be

question 154

Multiple Choice

A tax of 15 percent per imported item would be an example of:

• A) Ad valorem tariff
• B) Specific tariff
• C) Effective tariff
• D) Compound tariff

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Definitions:

Month-end Bank Statement

A document issued by a bank summarizing the transactions in an account for the month, including the final balance.

Erroneously Charged

Incorrectly billed or wrongly demanded payment due to mistake or oversight.

Remittance Advice

A document sent by a customer to a seller, indicating that an invoice has been paid.

Running Cash Balance

The current amount of cash available in an account, changing with each transaction.