The Import-Export Clause of the U.S.Constitution

question 41

Multiple Choice

The Import-Export Clause of the U.S.Constitution:
I.Prohibits the federal government from taxing exports.
II.Prohibits the states from taxing either imports or exports.

• A) I only.
• B) II only.
• C) Both I and II.
• D) Neither I nor II.

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Definitions:

Conversion Cost

Conversion cost is the sum of direct labor and manufacturing overhead costs incurred to convert raw materials into finished goods.

Product Cost

The expenses incurred to create a product, including direct materials, direct labor, and manufacturing overhead.

Direct Materials

Raw materials that can be directly traced to the manufacturing of a product.

Period Cost

Costs that are expensed in the period in which they are incurred, as opposed to being capitalized or included in the cost of goods sold.