Prior to the Financial Crisis in Mexico in 1994, Mexico

question 14

Multiple Choice

Prior to the financial crisis in Mexico in 1994, Mexico ran a budget deficit of around ________ of GDP.

• A)120%
• B)40%
• C)15%
• D)1%

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Definitions:

Sales Refund Payable

Obligations to return funds received from customers due to returns or refunds of products or services.

Sales Returns

Transactions in which customers return previously purchased merchandise for a refund, store credit, or exchange.

Merchandise Inventory

Goods that a company owns and intends to sell as part of its regular business operations, usually in the retail sector.

Income Statement

A financial statement that shows a company’s revenues and expenses over a specific period, highlighting net profit or loss.