When the Things That People Are Allowed to Do or Not

question 48

Multiple Choice

When the things that people are allowed to do or not do are spelled out in a constitution or in laws, this is known as

• A) rule of law.
• B) anarchy.
• C) totalitarianism.
• D) fascism.
• E) democracy.

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Definitions:

Invoice Payment

The process of paying off the amount that is stated on an invoice, which is a bill for products or services provided.

Perpetual Inventory System

A system of inventory accounting that immediately logs inventory sales or purchases using computerized point-of-sale systems and software for managing enterprise assets.

Purchases Returns

Transactions involving the return of goods previously bought to the seller, typically due to defects or issues.

Accounts Payable

Liabilities owed by a business to creditors for purchases or services received that have not yet been paid for.