Refer to the Following Figure When Answering the Following Questions

question 33

Multiple Choice

Refer to the following figure when answering the following questions.
Figure 18.1: Federal Government Receipts and Outlays, 1990-2012 (Source: Federal Reserve Economic Data, St. Louis Federal Reserve)
-Consider Figure 18.1. The federal government ran a surplus during the period:

• A) 1990-1993.
• B) 1993-1997.
• C) 1998-2002.
• D) 2002-2006.
• E) Not enough information is given.

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Definitions:

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

Dividends

Cash distributions made to shareholders by a corporation, typically from the company's earnings as profit.

Fair Value Option

An accounting choice giving companies the opportunity to measure financial assets and liabilities at their fair values with changes reflected in the income statement.

Net Income

Net income represents the total earnings of a company once all costs, expenses, and taxes are deducted from its total revenue.