The Power of the President to Issue Executive Orders

question 98

Multiple Choice

The power of the president to issue executive orders:

• A) is expressly provided for in the U.S. Constitution.
• B) was granted to the president in an early Supreme Court decision.
• C) is derived from express delegation from the legislative branch and is implied from the U.S. Constitution and state constitutions.
• D) is subject to a two-thirds approval of the Senate.
• E) exists only because it has never been challenged.

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Definitions:

Lower of Cost

An inventory valuation method requiring inventory to be recorded at the lower of its historical cost or current market value.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced items are the first to be expensed.

Inventory Holding Gains

Inventory holding gains are increases in the value of inventory a company holds due to price inflation or increased demand, not yet realized through sales.

U.S. GAAP

The Generally Accepted Accounting Principles in the United States, a common set of accounting rules and standards for financial reporting.