Which Statement Is Correct Regarding Entities Considered Banks Under the UCC

question 72

Multiple Choice

Which statement is correct regarding entities considered banks under the UCC?

• A) Savings and loans and trust companies are considered banks, but credit unions are not.
• B) Savings and loans and credit unions are considered banks, but trust companies are not.
• C) Trust companies and credit unions are considered banks, but savings and loans are not.
• D) Savings and loans, credit unions, and trust companies are all considered banks.
• E) Only an entity holding itself out as a "bank" is considered a bank under the UCC, and therefore neither savings and loans, credit unions, nor trust companies are considered banks.

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Definitions:

Well-Established Firms

Well-Established Firms refers to companies that have been in the market for a long period, gaining significant market share, reputation, and customer base.

Productive Efficiency

A situation where a good or service is produced at the lowest possible cost.

Technological Advance

Technological advance refers to the progression and innovation in technology that often leads to improved efficiency, production capabilities, and new product developments.

Preferred Mix

The optimal combination of goods and services an economy should produce, taking into account consumer preferences, resource availability, and socio-economic objectives.