Which of the Following Laws Has Had Significant Effects in Maintaining

question 34

Multiple Choice

Which of the following laws has had significant effects in maintaining bank identity records?

• A) the Check Clearing for the 21st Century Act
• B) the USA Patriot Act
• C) the Bank Secrecy Act
• D) the Federal Reserve Act
• E) the Emergency Economic Stabilization Act

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Definitions:

Good

A material item that can be touched, used, or consumed, which is produced to fulfill wants or needs.

Service

A type of economic activity that is intangible, is not stored, and does not result in ownership; services are produced and consumed at the same time.

Exchange

The act of giving one thing and receiving another in return, often referring to the trade of goods, services, or financial instruments.

Functions Of Money

The core roles money plays in an economy, including serving as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment.