The US Banking System Is Considered to Be a Dual System

question 34

Multiple Choice

The U.S. banking system is considered to be a dual system because ________.

• A) banks offer both chequing and savings accounts
• B) it actually includes both banks and thrift institutions
• C) it is regulated by both state and federal governments
• D) it was established before the Civil War, requiring separate regulatory bodies for the North and South

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Definitions:

Cost of Goods Sold

The total direct costs attributable to the production of goods sold by a company, including materials and labor expenses.

Ending Inventory

The total value of goods available for sale at the end of an accounting period after accounting for purchases and sales.

Understatement

An error in financial reporting where the value of a figure is reported lower than its actual amount.