A Decision of the U

question 32

Multiple Choice

A decision of the U.S.Supreme Court that is based on an interpretation of a provision of the U.S.Constitution is binding on:

• A)all lower federal courts only.
• B)state courts only.
• C)both state courts and lower federal courts.
• D)all other U.S.courts,but only for the next twenty years.

---

Definitions:

Merchandiser

A person or company involved in the business of purchasing goods and selling them at retail or wholesale.

Net Income

The income a company ultimately makes after all operational costs and taxes are deducted from revenue.

Buying and Selling Merchandise

The process of purchasing goods to resell at a higher price, typically found in retail or wholesale businesses.

Revenue Recognition Rules

guidelines that determine when and how revenue is recognized and recorded in the financial statements.