Checking Accounts Were in Widespread Use as Early as the Year

question 7

Multiple Choice

Checking accounts were in widespread use as early as the year ____.

• A)1550
• B)1830
• C)1950
• D)1770

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Definitions:

Credit Agencies

Organizations that assign credit ratings for issuers of certain types of debt securities, with the ratings based on the issuer's ability to pay back debt.

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, typically comprising the balance sheet, income statement, and cash flow statement.

Compensating Balances

Minimum balance requirements imposed by banks on certain accounts, which businesses must maintain in order to receive some form of credit or service.

Prompt Payment Discounts

Incentives provided by sellers to encourage buyers to pay their invoices early.