Which of the Following Statements Is NOT Correct? Australian Commercial

question 69

Multiple Choice

Which of the following statements is NOT correct? Australian commercial banks:

• A)are highly regulated.
• B)take deposits and make loans.
• C)have various sources of funds.
• D)have fewer assets than superannuation funds.

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Definitions:

Ordinary Annuity

A series of equal payments made at regular intervals, such as monthly or annually, with the payments occurring at the end of each period.

Investment Account

A financial account held by an investment dealer that enables individuals to purchase securities such as stocks, bonds, and mutual funds.

Annually

Happening annually.

EAR

The Effective Annual Rate, a measurement of interest that takes into account the effect of compounding over the period of time it is applied.