The Manager of Main Street Branch Calls and Relates the Following

question 116

Multiple Choice

The manager of Main Street branch calls and relates the following information: John Smith purchased a cashier's check for $1,000 cash at 10:00 a. m. on Tuesday. At 11:30 a. m. Mr. Smith returned and purchased a cashier's check for $2,500 cash and deposited traveler's checks totaling $9,000 into his checking account. At 4:00 p.m. Mr. Smith returned and deposited $8,000 cash into his checking account. This deposit was after normal banking hours, so it was recorded as of Wednesday's business date. What action should the bank take?

• A) None, because no single cash transaction exceeded $10,000
• B) File a Currency Transaction Report (CTR) for $11,500
• C) Record the $1,000, $2,500, and $9,000 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold
• D) Record the $1,000 and $2,500 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

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Definitions:

Revenue

Revenue is the total amount of income generated by the sale of goods or services related to a company's primary operations.

Incremental Cost

The additional cost incurred from producing or purchasing one more unit of a product or service.

Finished Tables

Finished tables are the final output in furniture manufacturing, representing completed products ready for sale.

Unfinished Tables

Refers to partially completed goods, often noted in manufacturing processes where the product is not yet ready for sale.