Members of Congress Have Fixed Terms, Meaning the Length of a Term

question 61

True/False

Members of Congress have fixed terms, meaning the length of a term in office is specified, NOT indefinite.

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Definitions:

Compounded Semiannually

Interest that is computed and appended to the original amount semi-annually.

Effective Rate

The actual interest rate that an individual earns or pays on an investment, loan, or other financial product, after compounding and other factors are taken into account.

Car Loan

A financial loan specifically used to purchase a car, typically secured by the car itself as collateral.

Periodic Rate

The interest rate applied to a financial loan or savings account that is compounded at regular intervals over a period of time.