Which of the Following Is True About the Three Main

question 72

Multiple Choice

Which of the following is true about the three main types of legal systems?

• A)Judges under a civil law system have more flexibility than those under a common law system.
• B)The common law system evolved in the United States over hundreds of years.
• C)Although Islamic law is primarily concerned with moral behavior,it has been extended to cover certain commercial activities.
• D)A theocratic law system is based on a detailed set of laws organized into codes.
• E)Common law cannot be altered,clarified,or amended to deal with new situations.

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Definitions:

Liquidity Reduction

A decrease in the ease with which assets can be converted into cash without significant loss in value.

Cost of Goods Sold

An accounting term representing the direct expenses related to producing or purchasing the goods sold by a company during a given period.

Amortization

The process of gradually paying off debt over a period of time through scheduled, pre-determined payments.

Gross Margin

The gross margin refers to the difference between the revenue generated from sales and the cost of goods sold, usually expressed as a percentage of revenue.