Multiple choice

Which of the following statements is/are incorrect for Balance of Payment? (a) It implies payment for a country's exports and imports. (b) It implies payment for services. (c) It implies payment of financial transfers. (d) It is prepared in various currencies depending upon the countries you deal with.

  1. Only (a)

  2. Only (b)

  3. Only (c)

  4. Only (d)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Balance of Payment summarises the initial transactions for a specific period, usually a year and is prepared in a single currency, i.e. domestic currency of the country concerned.

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