What Is the Basic Premise of Federalism

question 11

Multiple Choice

What is the basic premise of federalism?

• A) Supreme executive power derives from a mandate from the masses.
• B) Two or more governments share power and authority over the same land and people.
• C) Supreme political authority remains with the states.
• D) The national government has ultimate sovereignty over a country's land and people.
• E) State and local governments may not exercise powers of their own that are independent of the national government.

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Definitions:

Prepaid Insurance

An asset account representing insurance payments made in advance for coverage extending beyond the current accounting period.

Accounts Receivable

Outstanding payments that a business is entitled to receive from its customers for delivered goods or services.

Miscellaneous Expense

A category for expenses that don't naturally fit into other specified categories in financial accounting.

Cash Account

A type of account in finance that records all cash transactions, including receipts and payments.