Amendments to the Constitution Become Effective When Approved by Two-Thirds

question 421

True/False

Amendments to the Constitution become effective when approved by two-thirds of the House and the Senate and signed by the President.

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Definitions:

Net Income

The profit or loss of a business after all expenses, taxes, and costs have been subtracted from total revenues.

Selling Price

The selling price is the amount a buyer pays to purchase a product or service from a seller.

Contribution Margin Ratio

The percentage of sales revenue remaining after variable costs are subtracted, indicating the portion contributing to covering fixed costs and generating profit.

Sales Mix

The relative proportions in which a company’s products are sold. Sales mix is computed by expressing the sales of each product as a percentage of total sales.