"Strict Constructionists" Believed That

question 30

Multiple Choice

"Strict constructionists" believed that:

• A) Jay's Treaty should be construed or interpreted to put more restrictions on Indians.
• B) freedom of speech and of the press should be restricted if the president believed that to be necessary.
• C) the federal government could only exercise powers specifically listed in the Constitution.
• D) the "general welfare" clause of the Constitution gave the federal government power to create a national bank.

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Definitions:

FIFO Reserve

The difference between the cost of inventory calculated using the First In, First Out (FIFO) method and another inventory costing method.

LIFO Reserve

The difference between the cost of inventory calculated under the Last In, First Out (LIFO) method and its cost calculated under the First In, First Out (FIFO) method.

Ending Inventory

The value of goods available for sale at the close of an accounting period.

Net Income

A company's earnings after deducting expenses and taxes from the total sales.