Megan, a Citizen of New Mexico, Wants to File a Suit

question 53

Multiple Choice

Megan, a citizen of New Mexico, wants to file a suit against Terry, a citizen of Oklahoma.Their diversity of citizenship may be a basis for

• A)any court to exercise in rem jurisdiction.
• B)a federal district court to exercise original jurisdiction.
• C)a U.S.court of appeals to exercise appellate jurisdiction.
• D)the United States Supreme Court to issue a writ of certiorari.

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Definitions:

Temporary Account

An account used to track transactions for a single accounting period, closed at the end and its balances are transferred to permanent accounts.

Withdrawals

Amounts of money taken out from a business by its owner(s) for personal use.

Capital

Capital refers to financial assets or resources that businesses use to fund their operations and invest in their growth, such as cash, machinery, and buildings.

Withdrawals

The act of taking out cash or other assets from a business by the owner for their personal use.