Which of the Following Is True of the Balance of Payments

question 84

Multiple Choice

Which of the following is true of the balance of payments accounts?

• A)It records only the trade in tangible assets between any two nations.
• B)It is a record of a country's merchandise trade.
• C)It records the total external debt used to finance government budget deficits.
• D)It is recorded biannually in most developed countries.
• E)It records a country's trade in goods, services, and financial assets with the rest of the world.

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Definitions:

Employment Test

A criterion or series of criteria used to determine the status of individuals as employees or independent contractors for tax and legal purposes.

Moving Expenses

Previously deductible expenses for moving which are necessary for starting a new job, currently only deductible for members of the Armed Forces on active duty moving under orders.

Separate Maintenance

Payments made by one spouse to another under a separation agreement, not classified as alimony for tax purposes.

Married Filing Separately

A taxation status allowing married individuals to submit separate tax returns, detailing their own earnings, deductions, and exemptions independently.