In Which of the Following Cases Is a Bank Obliged

question 48

Multiple Choice

In which of the following cases is a bank obliged to file a Currency Transaction Report (CTR) with the Internal Revenue Service?

• A)The bank receives instructions from a customer to certify an ordinary check worth $10,000 issued in a foreigner's name.
• B)The bank receives an ordinary check worth $13,000 payable to a customer's checking account.
• C)A customer deposits $20,000 through a cashier's check in his checking account.
• D)A customer issues stop-payment instructions on a check worth $15,000 issued to a payee.

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Definitions:

Production Possibilities Frontier

A curve that illustrates the maximum viable combination of two products that can be produced with fixed resources and technology.

Efficient

An economic condition where resources are allocated in the most optimal way, maximizing the production of goods and services without wasting any resources.

Production Possibilities Frontier

A graph that illustrates the maximum amounts of two goods that a society can produce with the available resources and technology, given that it is using its resources efficiently.

Representativeness Bias

A cognitive bias where individuals incorrectly assess the probability of an event based on similarities to existing prototypes in their mind, rather than on actual evidence.