Deposits in Commercial Banks That Are Members of the FDIC

question 107

True/False

Deposits in commercial banks that are members of the FDIC, are insured up to a maximum of $50,000 per account.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net profit or loss.

Capital Account

An account on the balance sheet representing the original investment by the owners plus any retained earnings.

Owner Invests

The action taken by an owner to contribute resources, such as cash or other assets, into the business for its use.

Revenue

The aggregate revenue derived from selling goods or services that are fundamental to an organization's main activities.