As a Result of the Monetary Control Act of 1980

question 41

Multiple Choice

As a result of the Monetary Control Act of 1980:

• A) there was less competition among various financial institutions.
• B) fewer institutions were permitted to offer checking account services.
• C) savings and loan associations were restricted to offering long-term loans.
• D) savings and loans paid higher interest rates on short-term deposits to compete for customers.

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Definitions:

Charitable Contributions

Donations made to non-profit organizations, often tax-deductible, intended for charitable purposes.

Callable Bonds

Callable bonds are types of debt security where the issuer retains the right to repay the bond's principal before its maturity date, usually at a defined call price.

Secured Transactions

Secured transactions involve agreements where a borrower pledges collateral to secure a loan, giving the lender rights to the collateral in case of default.

Credit Notes

A document issued by a seller to a buyer, reducing the amount owed by the buyer under previous invoices due to returned goods or services not rendered.