Which of the Following Statements Is Incorrect

question 94

Multiple Choice

Which of the following statements is incorrect?

• A)The number of commercial banks is declining each year.
• B)Commercial banks are the most important financial institution.
• C)Commercial banks are prohibited from selling securities or insurance.
• D)Banks offer the widest range of services of any financial institution.

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Definitions:

Leasing NET Advantage

A financial comparison metric that calculates the cost efficiency of leasing an asset rather than purchasing it, taking into account all associated expenses and savings.

Tax Rate

The percentage at which an individual or corporation is taxed, which can vary by income level, type of income, or legal entity.

CCA Tax Shield

A deduction that Canadian businesses can claim for the depreciation of tangible property, reducing taxable income.

After-Tax Annual Lease Payment

The amount of lease payments due each year after accounting for the tax effects.