Which of the following is an expressed financial power of Congress under the U.S. Constitution?

• A. Regulate the issuance of stock by public companies
• B. Audit the financial statements of corporations
• C. Levy and collect taxes
• D. Set accounting standards for private companies

Answer: (C)

Verified step by step guidance

1. Understand the context of the question: The problem is asking about the expressed financial powers of Congress under the U.S. Constitution. Expressed powers are those explicitly stated in the Constitution.
2. Review the options provided: The options include regulating stock issuance, auditing corporate financial statements, levying and collecting taxes, and setting accounting standards for private companies.
3. Identify the correct financial power: The U.S. Constitution explicitly grants Congress the power to levy and collect taxes under Article I, Section 8. This is an expressed financial power.
4. Eliminate incorrect options: Regulating stock issuance, auditing corporate financial statements, and setting accounting standards for private companies are not explicitly stated as powers of Congress in the Constitution. These are typically handled by other entities like the SEC or FASB.
5. Conclude the reasoning: The correct answer is 'Levy and collect taxes,' as it is an expressed financial power explicitly granted to Congress by the U.S. Constitution.