Tariffs refer to
A. a restriction placed on the amount of a product allowed to enter or leave a country.
B. a minimum requirement for the purchase between two or more nations of products or services.
C. government taxes on products or services entering a country that primarily serve to raise prices on imports.
D. a refusal to purchase or exchange products or services with another nation unless certain financial or ideological requirements have been satisfied.
E. government payments to companies or industries that primarily serve to create competitive advantage for domestic products.
Answer: C
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The periodicity assumption recognizes that
A) the company may continue indefinitely. B) all financial statements should cover a fiscal year. C) some items reported in net income are estimates. D) the value of an asset may vary from month to month.
Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following is not considered a human behavior problem?
A) Setting goals among managers that conflict with one another. B) Setting goals too tightly making it difficult to meet performance expectation. C) Allowing employees the opportunity to be a part of the budget process. D) Allowing goals to be so low that employees develop a "spend it or lose it" attitude.
Explain the difference between defined-benefit plan and defined-contribution plan.
What will be an ideal response?
Term life insurance has significantly increased in popularity. Why?
A) Lower rates and greater tax deductions offered to the wealthy B) Lower rates and tax credit incentives offered to the poor C) Stable rates with increased benefits for everyone D) Lower rates and availability of tax-advantaged savings plans