Foreign Exchange
A market for converting the currency of one country into the currency of another.
What is the Foreign Exchange Market?
Many services are needed by everyone or by most people but there is no way of charging individuals for the services.
What are Public Services?
A tax levied on homes that cost over $250,000.
What is Real property tax?
When a country exports more than it imports.
What is trade surplus?
This is a summary of all the bills of lading and cargo a ship is carrying.
What is a manifest?
The rate at which one currency is converted into another
What is the Exchange rate?
There is no way of charging for them so the Government must provide the services and pay for them from the taxes they collect.
What are unmarketable services?
A tax levied on homes that cost over $250,000.
What is hotel tax levy?
Visible import-Visible export
What is the balance of trade?
The price only includes delivery to the dock or airport – the buyer has to pay for lading the goods on the ship as well as the insurance and freight charges.
What is free alongside ship (f.a.s.)?
To calculate how much Canadian $20 would be in US dollars.
What is multiplication?
The government gives private schools a certain amount of money to help them to keep the cost of school fees down.
What are subsidized services?
Tax levied on goods being imported into the country.
A situation when a country imports more than it exports.
What is a trade deficit?
Gives holder legal ownership of goods sent by air.
What is an airway bill?
When converting US currency to the currency of another country.
What is division?
The Government makes laws to govern businesses so that they would not take advantage of the public.
What is the prevention of abuse?
Tax paid by ships and other boats for registration to make the Bahamas their home base.
What is marine registration?
Sometimes the language of the country you are trading with may be different from the language spoken in your country.
What is a foreign language?
The price includes the cost of the goods, insurance for goods in transit and the freight charges to get the goods to the buyer’s country.
What is cost, insurance, freight (c.i.f.)?
The risk that arises from changes in exchange rates
What is foreign exchange risk?
The Government may help farmers and fishermen by allowing them bring in goods duty-free or by charging a very high customs duty on competitive products from abroad.
What is Assistance to Industry?
Defense and law enforcement e.g. Defense force vessels, police vehicles, prison food, etc
What is Government Expenditure?
Invisible Export-Invisible Import
What is the balance of payment?
This is prepared in the same way as an invoice for internal use, with the addition of the marks and numbers of the packages and also the name of the ship which is transporting them.
What is an export invoice?