ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The total value of debts a company owes to external creditors
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The total money value of all goods and services produced in Australia over a one year-period
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A record of a country’s trade and financial transactions with the rest of the world over time, usually one year
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A system used to determine what to produce, how to produce and to whom production will be distributed
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Detailed explanation-1: -The correct answer is all import and export transactions of a country during a given period of time, normally a year.
Detailed explanation-2: -Balance of trade (BoT) is the difference that is obtained from the export and import of goods. Balance of payments (BoP) is the difference between the inflow and outflow of foreign exchange. Transactions related to goods are included in BoT. Transactions related to transfers, goods, and services are included in BoP.
Detailed explanation-3: -Explanation: The capital account of BOP records all those transactions, between the residents of a country and the rest of the world, which cause a change in the assets or liabilities of the residents of the country or its government. It is related to claims and liabilities of financial nature.