The South Carolina State Legislature, After the Election of 1832

question 49

Multiple Choice

The South Carolina state legislature, after the election of 1832

• A) voted to abolish all federal legislation, with regard to tariffs, as unconstitutional.
• B) declared the existing tariff constitutional and part of South Carolina law.
• C) was taken over by a majority of Federalists.
• D) voted to secede from the union.
• E) declared the existing tariff null and void in South Carolina.

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Definitions:

Consolidated Balance Sheet

A consolidated financial report that shows the assets, liabilities, and shareholders' equity of a parent company along with its subsidiaries as though they are one entity.

Inventory

The components, items in the process of completion, and completed products which form part of a company's assets that are available or will soon be available for sale.

Fair Value

The estimated price at which an asset or liability could be traded in an orderly transaction between market participants at the measurement date.