The Financial Services Modernization Act of 1999 Allowed Investment Banks

question 42

True/False

The Financial Services Modernization Act of 1999 allowed investment banks and securities firms to offer deposit accounts to individuals.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use, reflecting its loss of value over time.

Gain Or Loss

The financial result when the selling price of an asset differs from its cost, resulting in either profit (gain) or deficit (loss).

Original Cost

The initial purchase price or investment made to acquire an asset, not accounting for depreciation or amortization.

Asset Improvements

Expenditures made to increase the usefulness or value of a fixed asset.