Match the Terms with the Definitions

question 15

Multiple Choice

Match the terms with the definitions.

-An economic event that has a direct impact on the business.

• A) account
• B) accounts payable
• C) accounts receivable
• D) accounting equation
• E) assets
• F) balance sheet
• G) business entity
• H) business entity concept
• I) business transaction
• J) drawing
• K) expenses
• L) income statement
• M) liability
• N) net income
• O) net loss
• P) notes payable
• Q) owner's equity
• R) revenues
• S) statement of owner's equity

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Definitions:

Imports

Items or services that come from foreign countries for the purpose of being sold domestically.

Import-Licensing Requirement

Regulations requiring a company or individual to obtain permission, often through a specific license, before importing goods into a country, used by governments to control the volume and types of goods entering the market.

Nontariff Barriers

All barriers other than protective tariffs that nations erect to impede international trade, including import quotas, licensing requirements, unreasonable product-quality standards, unnecessary bureaucratic detail in customs procedures, and so on.

Import Restrictions

Government-imposed controls or limitations on the quantity or value of goods that can be imported into a country, often to protect domestic industries.