A Tariff Can Best Be Described as

question 26

Multiple Choice

A tariff can best be described as

• A)an excise tax on an imported good.
• B)a government payment to domestic producers to enable them to sell competitively in world markets.
• C)an excise tax on an exported good.
• D)a law that sets a limit upon the amount of a good that can be imported.

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Definitions:

Planning Budget

An initial budget prepared based on estimates of what revenues and costs should be before a period begins, often used for setting goals and objectives.

Net Operating Income

The income earned by a company from its main business activities before subtracting interest and tax expenses.

Revenue and Spending Variance

The difference between the actual and budgeted figures for both revenue and expenses, indicating a company's financial performance.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels, allowing for better performance evaluation.