A Legal Restriction on the Amount of a Good That

question 156

Multiple Choice

A legal restriction on the amount of a good that can be imported into a country is known as a

• A) voluntary restraint agreement.
• B) tariff.
• C) quota.
• D) Domestic Protection Restraint (DPR).

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Definitions:

Allowance for Doubtful Accounts

A contra asset account used to estimate the portion of a company's accounts receivable that may not be collected.

Write-off

The process of recognizing that a portion of a company's inventory or accounts receivable is no longer valuable and removing it from the financial statements.

Service Charge

A fee collected for services provided, often added to the base cost of services in industries such as hospitality, banking, and utilities.

Credit Card

A financial tool allowing users to borrow funds for purchases, which must be repaid, often with interest.