There Is a 5 Percent Average Tax on Imported Goods

question 87

Multiple Choice

There is a 5 percent average tax on imported goods in the United States.This tax is known as a(n)

• A) income tax.
• B) sales tax.
• C) tariff.
• D) quota.
• E) importer tax.

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Definitions:

NSF Check

A check that cannot be processed because the account on which it was drawn lacks sufficient funds, standing for Non-Sufficient Funds.

Outstanding Checks

Checks that have been written and recorded in the payer's ledger but have not yet been cashed or processed by the recipient's bank.

Checks Presented

Refers to the cheques that have been submitted for payment by the payee to the bank but have not yet been cleared.

Checks Written

The act of creating checks as payments for expenses, purchases, or obligations by a business or individual.