An Import Quota Is a

question 112

Multiple Choice

An import quota is a

• A)tariff imposed on goods that are dumped in the country.
• B)law that prevents ecologically damaging goods from being imported into a country.
• C)market-imposed balancing factor that keeps prices of imports and exports in equilibrium.
• D)government-imposed restriction on the quantity of a specific good that can be imported.
• E)tax in an international market.

---

Definitions:

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and practices formally established to bring consistency to financial reporting.

Future Costs

Costs that are expected to be incurred in future periods as opposed to those already incurred or realized.

Bill And Hold Basis

An arrangement where a seller bills a customer for products but holds onto the inventory until it is actually needed or requested by the customer.

Sales Agreement

A detailed contract which outlines the terms of sale of goods or services between two parties.