A Detailed Version of a New Idea Stated in Meaningful

question 11

Multiple Choice

A detailed version of a new idea stated in meaningful customer terms is called a ________.

• A)product idea
• B)product concept
• C)product image
• D)product proposal
• E)product movement

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Definitions:

Individual Bank

A single banking institution that operates to accept deposits, offer loans, and provide other financial services to its customers.

Deposits

Money placed into a financial institution for safekeeping, which can earn interest over time.

Excess Reserves

The amount of reserve funds that a bank holds beyond what is required by regulations, which can be loaned out or invested.

Actual Reserves

The sum of money a bank holds in its vault or with the central bank, ready to satisfy withdrawal requests or comply with regulatory obligations.