A Tariff Is

question 239

Multiple Choice

A tariff is:

• A) a duty that a company must pay its own government on exports.
• B) the price charged by one country to buyers of a good in another country.
• C) a price reduction designed to encourage international trade.
• D) a tax on an import.

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Definitions:

Consumption Method

An accounting practice that records the cost of goods sold at the time they are consumed or sold, as opposed to when they are purchased.

Office Supplies

Items needed for the daily operations of a business, such as pens, paper, and staplers.

Government-Wide Financial Statements

Comprehensive financial reports that present the financial position and results of operations of all governmental activities and entities.

Debt Service Fund

A fund established to account for the accumulation of resources for, and the payment of, long-term debt principal and interest.