Regional Federal Reserve Banks

question 134

Multiple Choice

Regional Federal Reserve Banks

• A) are located in each of the 50 states.
• B) are run by the governors of the states in which they are located.
• C) provide general banking services to the public.
• D) None of the above answers is correct.

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Definitions:

Fictitious Payee Rule

A principle in commercial law that protects the drawer of a check if the check is made payable to a non-existent or not intended recipient, under certain conditions.

Bookkeeper

A person responsible for recording the financial transactions and maintaining the financial records of a business.

Negotiable Instruments

Written documents that guarantee the payment of a specific amount of money to the bearer or to a specific person, under certain conditions.

Fraud in the Inducement

A type of fraud that occurs when a person is deceived into entering into an agreement through misrepresentation of material facts.