A Bank That Is Authorized to Accept Deposits of Amounts

question 62

Multiple Choice

A bank that is authorized to accept deposits of amounts payable to the federal government is a:

• A) Credit union.
• B) FDIC insured bank.
• C) Federal depository bank.
• D) National bank.
• E) Federal Reserve Bank.

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Definitions:

Allowable Expenses

Costs that are recognized under the provisions of a contract or agreement as reimbursable or claimable.

Contractor's Fee

The payment made to a contractor for their services, typically a percentage of the total cost of a construction project.

Cost Reimbursable Contract

A type of contract where the client pays the contractor for all legitimate actual costs incurred for the project plus a fee representing the contractor’s profit.

Quality

The degree to which a product, service, or process meets specified requirements, customer expectations, or industry standards.