Which of the Following Statements About the Twenty-Seventh Amendment to the Constitution

question 86

Multiple Choice

Which of the following statements about the Twenty-Seventh Amendment to the Constitution is NOT accurate?

• A)The amendment declares that no congressional pay increase can take effect until the next Congress is elected.
• B)The amendment was proposed in 1789 along with the 10 amendments that became the Bill of Rights.
• C)The amendment eliminated "lame-duck" sessions of Congress.
• D)The amendment was ratified in 1992.

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Definitions:

Transferred Receivables

The act of selling accounts receivable to another party, often for the purpose of immediate cash flow improvement.

Securities

Financial instruments that represent an ownership position in a publicly-traded corporation, a creditor relationship with a governmental body or a corporation, or rights to ownership as represented by an option.

Discounted With Recourse

A financing arrangement where the seller is liable to the buyer for any debts or obligations not fulfilled, with the key aspect being the discount given on future receivables.

Customer Defaults

Occurs when a customer fails to fulfill their payment obligations for goods or services received.