Match Each Word with Its Definition

question 16

Multiple Choice

Match each word with its definition.
-Approved.

• A) This indicates that the court has agreed with the decision of a lower court in respect of the same case.
• B) This indicates that the court regards itself as bound by an earlier decision and has therefore employed the same reasoning in this case.
• C) This indicates that the higher court believes that the lower court correctly decided the case.
• D) This indicates that the court has considered and discussed the earlier cases, but has not applied it in the strict sense of the word.
• E) This indicates that the court does not regard itself as bound by an earlier decision because it states that the previous case is in some way different to the current one. The court has therefore not followed the earlier case, nor has it overruled it.
• F) This indicates that the court has considered the decision of the previous court (at the same level or lower than itself) and has rejected or invalidated that earlier decision.
• G) This means the opposite of 'affirmed'. It indicates that the court has considered the decision of the previous court (at the same level or lower than itself) and has decided that the previous court reached the wrong decision.

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Definitions:

Years

A unit of time used in various financial calculations, such as the amortization of assets or the term of investments.

Retired

Indicates assets taken out of service or policies terminated.

Unamortized Discount

The portion of the bond discount that has not yet been expensed in the income statement over the bond's life.

Gain or Loss

The financial result that occurs when the selling price of an asset differs from its purchase price or adjusted basis, could be positive (gain) or negative (loss).