Since the Balance of Payments Is Presented as a System

question 25

Multiple Choice

Since the balance of payments is presented as a system of double-entry bookkeeping,

• A)every credit in the account is balanced by a matching debit.
• B)every debit in the account is balanced by a matching credit.
• C)answers a and b are both true
• D)none of the above

---

Definitions:

Nonperformance

Failure to fulfill a contractual duty or obligation.

Late Charges

Additional fees charged to a borrower for failing to make payments on time.

Time Of Essence

A contractual clause declaring that specific timelines and deadlines are crucial to the contract, with any delay constituting a breach.

Election Day

A designated day on which voters cast ballots to elect public officials or to decide on other political or legal questions.