According to the National Supremacy Clause

question 21

Multiple Choice

According to the national supremacy clause,

• A) state laws take precedence over federal laws.
• B) federal laws enacted under the U.S. Constitution take precedence over state laws.
• C) state constitutions are supreme over the national constitution.
• D) law passed by Congress take precedence over the U.S. constitution.

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Definitions:

Trading Security

A financial asset that a company holds primarily for the purpose of selling it in the short term to profit from price fluctuations.

Fair Value

The estimated market value of an asset or liability, based on current market conditions.

Comparability

A financial accounting principle that enables users to easily evaluate one company's financial statements alongside those of another.

Companies

Business entities formed to engage in commercial, industrial, or professional activities, either for profit or non-profit purposes.