Goldsmiths Are Considered to Be the Forerunners of Modern Banks

question 70

Multiple Choice

Goldsmiths are considered to be the forerunners of modern banks because they:

• A)had safes to keep gold secure.
• B)issued gold coins.
• C)created money by lending out gold reserves.
• D)created legal tender.
• E)verified the quality of money.

Determine a company's overall net operating income and understand its components.

Understand and calculate the contribution margin under variable costing.

Comprehend the concept and calculation of break-even sales for a company or its divisions.

Master the ability to allocate and interpret common fixed expenses across divisions.

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Definitions:

Insider Trading

The illegal practice of trading on the stock exchange to one's own advantage through having access to confidential information.

Nonpublic Corporate Information

Information related to a company that has not been released to the public and could be considered confidential or proprietary.

1933 Act

Also known as the Securities Act of 1933, a U.S. law enacted to ensure more transparency and honesty in the marketing and sale of securities, aiming to prevent frauds.

Attorney General of the United States

The principal legal officer who represents the United States in legal matters and heads the U.S. Department of Justice.