Designed to Create More Confidence in Banking Institutions, the FDIC

question 73

Multiple Choice

Designed to create more confidence in banking institutions, the FDIC was established

• A) soon after the Civil War.
• B) in 1908, as the result of the banking panic in 1907.
• C) in 1917, as the nation entered World War I.
• D) during the Great Depression of the 1930s.

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Definitions:

Returns And Allowances

A reduction in sales revenue due to customers returning products or receiving allowances for defective or unsatisfactory goods.

External Failure Cost

The costs incurred when a product or service fails to meet quality standards after being delivered to the customer, including warranties and repairs.

Warranty Period

The specified time period during which a product is guaranteed to be free from defects and the manufacturer or seller will repair or replace defective parts at no charge.

Repairs And Replacements

Activities and costs associated with fixing and replacing parts of equipment, buildings, or machinery to ensure operational efficiency.