Russell Recently Moved and Is Considering Opening a Checking Account

question 15

Multiple Choice

Russell recently moved and is considering opening a checking account at Mountain Ridge Bank.Under the UCC and/or the Truth in Savings Act,the bank is required to:

• A)provide Russell with a monthly statement of his checking account transactions.
• B)include Russell's canceled checks with his monthly statement.
• C)keep legible copies of Russell's canceled checks on hand for ten years and provide copies to him within a reasonable time at his request if the bank does not return his canceled checks to him.
• D)disclose, before Russell opens an account, the interest rate on the account, any requirements such as minimum account balance and initial deposit he must meet to earn that interest rate, and any fees or penalties imposed by the bank.

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Definitions:

World Price

The global market price of a product or service, determined by worldwide demand and supply.

Import

The process of bringing goods or services into one country from another for the purpose of sale or use, often subject to trade policies and tariffs.

Export

Goods or services produced in one country and sold to buyers in another country.

Trade Barriers

Measures implemented by governments to restrict international trade and protect domestic industries from foreign competition.