In Response to the Great Recession of 2007-2009, When Did

question 7

Multiple Choice

In response to the Great Recession of 2007-2009, when did the Federal Reserve first cut the federal funds rate to zero?

• A)December 2007
• B)June 2008
• C)December 2008
• D)January 2010

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Definitions:

Vacation Benefits Payable

Liabilities owed to employees for vacation time earned but not yet taken.

Payroll Bank Account

A dedicated bank account used exclusively for processing payroll and related transactions to ensure accurate tracking and management of employee payments.

Payroll Register

A document that records each employee's gross earnings, deductions, and net pay for a specific payroll period.

Federal Depository Bank

A financial institution that is authorized to hold deposits for the Federal Reserve System, providing banking services to the government and the public.