Under What Circumstances Could Congress Modify an Established State By

question 34

Multiple Choice

Under what circumstances could Congress modify an established state by, for example, cutting it in half to create a new state?

• A) by a two-thirds vote
• B) only with the consent of the established state
• C) only if all existing states agree to the establishment of the new state
• D) as long as the Supreme Court concurs

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Definitions:

Effective Interest Rate Method

The effective interest rate method is a technique for calculating the actual interest rate for a financial product over its life, considering compounding.

Bonds Payable

A long-term liability account that records the face value of the bonds a company is obligated to repay at a specified future date.

Contract Interest Rate

The rate of interest stated in a loan or credit agreement that must be paid on the principal by the borrower.

Bond Discount

The variance in price between the face value of a bond and the amount it fetches on the market, specifically when sold at a price less than the face value.