Which of the Following Budgets Is Completed Last

question 59

Multiple Choice

Which of the following budgets is completed last?

• A)raw materials purchases
• B)cash payments
• C)production
• D)sales

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Definitions:

Import Tariff

A tax imposed by a government on goods imported from other countries, often to protect domestic industries.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, due to higher market prices.

Consumer Surplus

The contrast between the total price consumers are prepared to pay for a good or service and what they end up paying in reality.

Consumer Surplus

The contrast between the total sum consumers are ready and financially equipped to spend on a good or service, and the sum they actually spend.