Which of the Following Is an Example of a Bank's

question 21

Multiple Choice

Which of the following is an example of a bank's assets?

• A) reserves borrowed from the Fed
• B) loans made to customers
• C) checkable deposits
• D) savings deposits

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Definitions:

Federal Income Tax

A tax levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Payroll Tax

Taxes imposed on employers and employees, based on the wages and salaries paid to workers, used to fund social security and other government programs.

Great Recession

A profound global economic downturn that began in 2007 and lasted until 2009, marked by significant declines in economic activity worldwide.

Social Security Taxes

Social Security taxes are taxes collected from employees and employers to fund the Social Security program, providing retirement, disability, and survivors' benefits.