What Is an Import Quota

question 133

Multiple Choice

What is an import quota?

• A) a limit on the quantity of a certain import
• B) a tax on the value of an import
• C) a health or safety precaution affecting goods that may cause long-term harm to humans or animals
• D) a bureaucratic rule that can be overridden by the Secretary for International Trade

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Definitions:

Retained Earnings

The portion of net income that is retained by a company rather than distributed to its shareholders as dividends, which is reinvested into business operations.

Deferred Tax Assets

Financial assets that reduce future tax liability due to temporary differences between the ledger and tax basis of assets and liabilities, or the carryover of unused tax credits/deductions.

Income Tax Expense

The cost to a company for its taxable income, comprising current tax liabilities and deferred tax movements.

Service Revenue

Income earned from the provision of services to customers or clients.