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question 18

Short Answer

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Know the roles and responsibilities of banks in the check clearing house system.

Differentiate between various electronic fund transfer systems and their regulatory framework.

Grasp the legal implications of actions such as forgery, fraud, and unauthorized transactions in banking.

Understand the concepts of electronic fund transfers and the technologies enabling these transactions.

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Definitions:

Standard Deviation

A metric that quantifies the degree of spread or variability within a group of figures.

Skewed Distribution

Describes a situation in data distribution where the results are not symmetrically distributed, often leaning towards one side, either left or right.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how spread out the values are from the mean.

Normal Model

A statistical model based on the normal (Gaussian) distribution, depicting how data points vary or are distributed around the mean.