When the U

question 9

Multiple Choice

When the U.S. Senate enters into endless debate as a procedural tactic to block a vote on the senate floor, other senators may call for a(n) __________ vote, which immediately ends debate and forces a vote on the issue.

• A) filibuster
• B) cloture
• C) closed rule
• D) open rule
• E) censure

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Definitions:

Fair Market Value

The price at which an asset would trade in a competitive auction setting.

Sam, Capital

An account representing the owner's (Sam's) equity or ownership interest in a business.

Profit and Loss Ratio

An indicator that measures the ratio of profits earned to losses incurred over a particular period, often used to assess a company's financial health.

Income Summary

A temporary account in the ledger that summarizes revenue and expenses and transfers the balance (net income or net loss) to Capital. This account does not have a normal balance, i.e. it could have a debit or a credit balance.