Executive Agreements Differ from Formal Treaties in That They

question 6

Multiple Choice

Executive agreements differ from formal treaties in that they

• A)must be approved by the U.S.Supreme Court but not by Congress.
• B)do not have to be approved by the Senate.
• C)do not have to be approved by the House.
• D)are generally formulated at meetings of the United Nations.

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been deducted from total revenues.

Bad Debt Expense

An estimate of the accounts receivable that a company does not expect to collect, recognized as an expense.

Journal Entry

A record in the books of accounts that logs financial transactions, including debits and credits, in chronological order.

Credit Terms

Conditions under which a seller will extend credit to a buyer, including the repayment time frame, discount for early payment, and interest rate.