Refer to the Accompanying Table

question 142

Multiple Choice

$$\begin{array} { | l | c | } \hline { \text { Type of Deposit } } & \text { Reserve Requirement } \\\hline \text { Checkable Deposits } & \\\hline \$ 7.8 \text { - 48.3 Million } & 3 \% \\\hline \text { Over \$48.3 Million } & 10 \\\hline \text { Noncheckable personal savings and time deposits } & 0 \\\hline\end{array}$$ Refer to the accompanying table. If a bank has checkable deposits of $45 million and reserves of $2 million, then its excess reserves are

• A) $0.35 million.
• B) $0.65 million.
• C) $1.35 million.
• D) $1.65 million.

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Definitions:

Andrew Carnegie

A 19th-century industrialist and philanthropist known for his vast contributions to the steel industry and for establishing numerous libraries and educational institutions.

Religious Organizations

Organizations that are founded upon religious beliefs and practices, serving to promote the interests of a particular religion or faith community.

Charitable Nonprofits

Organizations that operate for the purpose of providing benefits to the public without seeking profit for private owners or shareholders.

Internal Revenue Service

The federal agency responsible for administering the tax laws of the United States, including the collection of federal income taxes and enforcement of tax regulations.