Which of the Following Is True

question 85

Multiple Choice

Which of the following is true?

• A)The intent of Congress was to establish a dual banking system when it passed the National Currency Act of 1863 and the National Banking Act of 1864.
• B)After the National Currency Act of 1863 and the National Banking Act of 1864, the banknotes issued by national banks circulated at full value and were backed by government bonds; however, in exchange for this feature, they were subject to a 10 percent tax.
• C)Prior to the National Currency Act of 1863 and the National Banking Act of 1864, all banks were chartered by states and banks issued their own banknotes.
• D)After the National Currency Act of 1863 and the National Banking Act of 1864, state banks could not stay in business without issuing their own banknotes.

---

Definitions:

Interest

The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.

Merchandise

Goods that are bought and sold in business, often referred to in the context of retail, wholesale, or e-commerce.

Maturity Date

The specified date on which the final payment of a loan or financial instrument, such as a bond, is due and payable.

Notes Payable

Written promises to pay specified sums of money at future dates, categorized as liabilities.