If You Wanted to Set Up a Business Importing Amber

question 37

Multiple Choice

If you wanted to set up a business importing amber from Latvia to the United States, you would have to plan on paying the U.S.Customs Service roughly 20 percent of the value of the product as a(n) __________.

• A)bribe
• B)tariff
• C)subsidy fee
• D)excise tax
• E)quota

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Definitions:

Bonds Payable

Long-term liabilities representing borrowed money that the company is obligated to repay, typically with interest, at a specified future date.

Cost of Goods Sold

The total cost associated with producing goods that have been sold, including raw materials, labor, and overhead.

Accounts Receivable

Money owed to a company by its customers for goods or services provided on credit.

Income Tax Expense

The amount of money a company pays in taxes based on its earnings.