Time Deposits Are Another Name For

question 9

Multiple Choice

Time deposits are another name for:

• A)checking accounts.
• B)loans and charge accounts.
• C)savings accounts.
• D)government securities.
• E)profits earned by a financial institution.

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Definitions:

Nominal Damages

Nominal Damages are a small sum awarded by a court when a legal wrong has occurred, but no significant actual loss was suffered by the plaintiff.

Compensatory Damages

Payments awarded to a plaintiff to compensate for harm, loss, or injury suffered due to another's wrongful act.

Liquidated Damages

A predetermined amount of money that must be paid as compensation for failure to fulfill a contract, serving as a penalty or deterrent against breach.

Mitigate Damages

The legal requirement or effort to minimize the harm or loss suffered as a result of a breach of contract or other wrongdoing.