Which of the Following Statements About Banks Is NOT True

question 19

Multiple Choice

Which of the following statements about banks is NOT true?

• A)Banks distribute the medium of exchange.
• B)All banks are organized as corporations.
• C) Banks may be chartered by either federal or state governments.
• D) Banks are essential to maintaining the economy.

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Definitions:

Customer Transactions

Financial interactions or operations between a business and its customers, including sales, returns, and payments.

Create Invoices

The process of generating billing documents for goods sold or services provided, detailing amounts owed by customers.

Main Categories

This term likely refers to the primary classifications or groupings within a system, such as accounting, where transactions can be sorted.

Owners

Individuals or entities who possess ownership interest in a company or property.