In Recent Years, What Has Been the Status of the U.S

question 82

Multiple Choice

In recent years, what has been the status of the U.S. trade balance?

• A) a record-setting surplus
• B) a record-setting deficit
• C) roughly equal
• D) equalized through government bailouts

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Definitions:

Notes Receivable

Written promises for amounts to be received within a certain period, recognized as assets on the balance sheet.

Contingent Liability

A potential obligation that depends on a future event arising from past transactions or events.

Allowance For Doubtful Accounts

A contra-asset account that represents the estimated amount of receivables which are not expected to be collected.

Accounts Receivable Turnover

A financial metric that measures how efficiently a company collects revenue from its credit sales by dividing net credit sales by the average accounts receivable.