The Electoral College Is

question 210

Multiple Choice

The electoral college is

• A) based on the total number of representatives in Congress (House and Senate) from each of the states.
• B) the method used to select federal judges.
• C) no longer in existence, since the Twenty-Eighth Amendment provides for the direct election of the president.
• D) the select group of enlightened voters envisioned by the founders who appoint the members of the United States Supreme Court.
• E) a term for the portion of the American population that is eligible to vote.

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Definitions:

Actual Cost

The actual expense incurred to acquire an asset or service, including all costs necessary to bring the asset into use or to complete the service.

Responsibility Accounting

A system of accounting that segments financial information by areas of responsibility within an organization, aiding in budgeting and performance evaluation.

Responsibility Reports

Reports designed to evaluate the financial performance of different segments of an organization, focusing on areas under a manager's control.

Direct Fixed Costs

Expenses that remain relatively constant regardless of the level of production or sales volume and are directly tied to the product or service.