The US Banking System Is Considered to Be a Dual System

question 47

Multiple Choice

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

• A)banks offer both checking 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:

CRA

In the context of Canadian taxation, CRA stands for Canada Revenue Agency, the federal agency responsible for tax collection and enforcement.

Lease Payments

Regular payments made by a lessee to a lessor for the use of an asset.

Incremental Cash Flows

The net additional cash flows generated by a company as a result of taking on a new project or investment.