Why Did Representative Tom DeLay Lose His Post as House

question 23

Multiple Choice

Why did Representative Tom DeLay lose his post as House majority leader?

• A)He was implicated in a scandal involving campaign donations from lobbyist Jack Abramoff.
• B)He was forced out through the leveraging of money by a host of PACs,who opposed his attempts to limit their influence.
• C)He was voted out of office when Democrats were able to paint him as an unscrupulous supporter of big business.
• D)The major labor unions turned against him and encouraged their supporters to vote him out of office when he opposed their lobbying efforts.
• E)He angered the members of the AARP by suggesting that government retirement benefits should be cut.

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Definitions:

LIFO Retail Inventory Method

An inventory costing method that assumes the last items placed in inventory are sold first, not necessarily reflecting the actual physical flow of merchandise.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.

Net Markups

The difference between the cost of a good or service and its selling price, after accounting for discounts, allowances, or returns.

Net Markdowns

The reduction in the original selling price of merchandise minus any markdown cancellations.