The state of business failing where bankruptcy seems imminent if dramatic action is not taken is best described as fiscal cliff.

Question

Quizplus · Accepted Answer

The term "fiscal cliff" refers to a situation where a series of previously enacted laws would simultaneously come into effect, significantly reducing government spending and increasing taxes. This scenario is different from a business failing and facing imminent bankruptcy without dramatic action.

The State of Business Failing Where Bankruptcy Seems Imminent If