A nation’s balance-of-payments statement records all financial transactions between its residents and those of the rest of the world during a given period of time—usually one year. Each of the nation’s financial transactions with other countries is reflected in its balance of payments. A nation’s balance-of-payments statement presents an overall view of its international economic position and is an important economic measure used by treasuries, central banks, and other government agencies whose responsibility is to maintain external and internal economic stability. A balance of payments represents the difference between receipts from foreign countries on one side and payments to them on the other. More test answers on https://studyhippo.com/international-marketing-test-1/