What are the two main accounts under balance of payment?

QUESTION 1
What are the two main accounts under balance of payment?
The balance of payments is primarily divided into the current account and the capital account (which often includes the financial account).
The correct option is C.
$\boxed{\text{C. Capital and current account}}$

QUESTION 2
What does terms of trade measure?
Terms of trade measure the ratio of a country's export prices to its import prices, indicating how many imports a country can obtain for a given volume of exports.
The correct option is A.
$\boxed{\text{A. The number of imports that can be bought with the foreign currency earned from a given volume of exports.}}$

QUESTION 3
Which of the following would result if there is balance of payment deficit in the country?
A balance of payments deficit means that a country is spending more foreign currency than it is earning. This can lead to a depreciation of the domestic currency, making imports more expensive and potentially hindering economic growth, leading to a decrease in production and national income.
The correct option is C.
$\boxed{\text{C. Decrease in production and National income}}$

QUESTION 4
Joe insures his business with an Australian insurance company. This transaction will be recorded as a/an _____.
When Joe (a resident of PNG) pays an Australian company for insurance (a service), it represents an import of a service into PNG. Services are considered "invisible" transactions.
The correct option is A.
$\boxed{\text{A. invisible import}}$

QUESTION 5
Johnson family came from Australia to visit the Goroka cultural show during 35th independence celebration. This transaction will be recorded as a/an _____.
When the Johnson family (foreign residents) spends money in Papua New Guinea for tourism (a service), it represents an export of a service from PNG. Services are considered "invisible" transactions.
The correct option is B.
$\boxed{\text{B. invisible export}}$