In the Year ________, the United States Switched from Running

question 46

Multiple Choice

In the year ________, the United States switched from running a trade surplus to running a trade deficit.

• A) 1950
• B) 1966
• C) 1976
• D) 1994

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Definitions:

Current Liabilities

Short-term financial obligations that a company is required to pay within one year, such as accounts payable and short-term loans.

Current Assets

Current assets refer to the resources owned by a company that are expected to be converted into cash, sold, or consumed within a year or within the operating cycle of the business.

Profits

The financial gain realized when the revenue from business activities exceeds the expenses and costs.

Financial Ratios

Calculations that compare important financial aspects of a business.