Throughout U

question 62

Multiple Choice

Throughout U.S.history,the debt-GDP ratio has jumped sharply higher during

• A)cyclical expansions.
• B)stock market crashes.
• C)wars.
• D)Presidential election years.

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Definitions:

Cash Payment

The act of settling a debt or transaction by transferring money to another party.

Cash Account

A financial account that records cash transactions including receipts and payments.

Credit

A financial record that raises a liability or equity account, or reduces an asset or expenditure account.

Debit

A debit is an accounting entry that results in either an increase in assets or expenses or a decrease in liabilities or equity on a company's balance sheet.