The United States Has a Dual Banking System Consisting of State

question 24

True/False

The United States has a dual banking system consisting of state banks and national banks.

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Definitions:

Bound

Legally or morally obligated; a condition of being tied to an agreement or course of action.

Fictitious Principal

A non-existent entity created in a contractual agreement as the party for whom the agent acts.

Disclosing Identity

The act of revealing or making known one's identity.

Authority

The power or right to give orders, make decisions, and enforce obedience, or an individual or organization possessing this power.