The Purpose of the Supremacy Clause Is To

question 94

Multiple Choice

The purpose of the Supremacy Clause is to:

• A)resolve conflicts of federal and state law by declaring the federal law supreme.
• B)resolve conflicts of federal and state law by declaring state law supreme.
• C)allow Congress to preempt all state regulation of interstate commerce.
• D)None of the above

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Definitions:

Owner's Capital

The amount of equity a proprietor has in the business, representing the difference between the business's assets and liabilities.

Prepaid Expenses

Expenses paid in advance for goods or services to be received in the future.

Adjusting Journal Entry

An accounting entry made at the end of an accounting period to allocate income and expenditures to the appropriate period.