The meaning of making "difficult choices" when creating a federal budget is: D. deciding what will be funded and what will be cut.
<h3>What is a federal budget?</h3>
A federal budget refers to a financial plan that is typically used by the government for the estimation of the revenue (taxation) and expenditures (spending) of a country over a specified period of time, which is often one year.
This ultimately implies that, making "difficult choices" when creating a federal budget simply means to decide what will be funded by the government and what will be cut from the budget.
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Consumers and business in the market economy seek to earn money so they can buy products so that they don't go out of business.
Answer: The amount the company would recognize is $100 as a gain from foreign currency translation.
Explanation: On October 1, a receivable of $2,860 (2,000 pounds x $1.43) would have been recorded. However, this amount of receivable has to be revalued using the year-end rate of $1.45, based on the principles of <em>IAS 21 The Effects of Changes in Foreign Exchange Rates</em>. Year-end receivable would then be $2,900 (2,000 pounds x $1.45). A foreign exchange gain of $40 would be recognised by debiting receivable and crediting gain on foreign currency translation (which reports in income statement) with $40 ($2,900 - $2,860). This is necessary to revalue the receivable using the year-end rate. Subsequently, the spot rate moved to $1.50 at the point of collection, this simply means the company has made a $100 exchange gain (2,000 pounds x $1.50 = $3,000 - $2,900). The journal entries to be raised would be Debit Cash $3,000; Credit Receivable $2,900, Credit Exchange gain (income statement) $100.
Answer:
Production and consumption are at the same time.
Explanation:
A basic difference between a good and a service is that the consumption and production of a service take place at the same time. While good can be produced at some point in time and consumed later. Unlike goods, services cannot be stored in inventory.
That is why unlike a good, consumers can be more involved in the production of a service. This provides greater satisfaction to the consumers.