Which of the Following Was a Problem Under the Articles

question 99

Multiple Choice

Which of the following was a problem under the Articles of Confederation?

• A) The national government was too strong compared to the states.
• B) The government derived its power from the citizens themselves.
• C) Congress imposed excessive taxes.
• D) Citizens lacked a national identity.
• E) Amendments to the Articles were too easy to ratify.

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where the goods first added to inventory are the first to be sold.

Gross Profit Method

An estimating technique used to calculate inventory cost, based on the gross margin and cost of goods sold.

Gross Profit Ratio

A financial metric indicating the percentage of revenue that exceeds the cost of goods sold; it is calculated by dividing gross profit by net sales.

Ending Inventory

The monetary amount of stock available for purchase at the end of an accounting term, which is the sum of the opening inventory and purchases, less the cost of goods sold.