What Is the Term for a Tax on Imported Goods

question 112

Multiple Choice

What is the term for a tax on imported goods?

• A) an excise tax
• B) a tariff
• C) an import quota
• D) import tax

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Definitions:

Cost Basis

The original value or purchase price of an asset or investment, used to calculate capital gains or losses for tax purposes.

Accumulated Depreciation

The total depreciation costs applied to a fixed asset from the time of its acquisition.

Fair Market Value

The price at which a willing buyer and a willing seller, both possessing reasonable knowledge of relevant facts, would exchange an asset.

Journal Entry

A record in the books of accounts that represents a business transaction, involving at least two accounts to record the financial activity.