Under the Articles of Confederation, the

question 78

Multiple Choice

Under the Articles of Confederation, the

• A)armed forces of the United States consisted of state militias.
• B)Continental Congress had the power to lay taxes on citizens.
• C)president was elected to four-year terms.
• D)states were prevented from discriminating against each other in the competition for foreign commerce.

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Definitions:

Bottom-Up Budgeting

A budgeting approach that starts at the departmental or project level, with expenses and needs being identified from the bottom up, and then consolidated and reviewed at higher levels of management.

Top-Down Budgeting

A budgeting approach where the budget is created at the organization's highest level and then distributed down to departments or units.

Direct Material

Raw materials that are directly used in the manufacturing of a product and can be directly attributed to that product.

Finished Goods

Items that have finished the production stage and are available for purchase by consumers.