Each State Has Its Own Hierarchy of Courts

question 49

Multiple Choice

Each state has its own hierarchy of courts.At the bottom level are ____________________.In the middle are ____________________.And at the top of the hierarchy are the ____________________.

• A) state trial courts; state appellate courts; court of last resort/state supreme court
• B) state appellate courts; state trial courts; court of last resort/state supreme court
• C) court of last resort/state supreme court; state trial courts; state appellate courts
• D) court of last resort/state supreme court; state appellate courts; state trial courts
• E) state tribunal courts; state appellate courts; court of last resort/state supreme court

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Definitions:

Significant Influence

The power to participate in the financial and operating policy decisions of another entity without having full control or joint control.

Fair Value Option

An accounting option allowing financial assets and liabilities to be recorded at their fair value, with changes in fair value recognized in the income statement.

Balance Sheet

A financial statement that displays a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.

Income Statement

A financial report that shows a company's revenues, expenses, and net income over a specific period.