Which of the Following Statements Is True Regarding Hierarchy of Law

question 79

Multiple Choice

Which of the following statements is true regarding hierarchy of law?

• A)State constitutions may give greater protection than the U.S.Constitution, but cannot give less.
• B)Federal common law includes civil and criminal laws enacted by Congress.
• C)Municipal ordinances take precedence over state statutes.
• D)Federal statutes establish legal precedent, and lower courts in the federal system must follow these decisions.

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Definitions:

Vertical Analysis

A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets, liabilities, and equities) in a balance sheet is represented as a proportion of the total account.

Sales Revenues

Income received from selling goods or services over a period of time.

Net Sales

The amount of sales generated by a company after deducting returns, allowances for damaged or missing goods, and discounts.

Current Ratio

A liquidity ratio that measures a company's ability to cover its short-term obligations with its short-term assets.