Which of the Following Statements Is False

question 135

Multiple Choice

Which of the following statements is false?

• A) Checkable deposits are usually the lowest cost source of bank funds.
• B) Checkable deposits are the primary source of bank funds.
• C) Checkable deposits are payable on demand.
• D) Checkable deposits include NOW accounts.

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Definitions:

Taxable Income

is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.

Federal Income Tax

A tax imposed by the federal government on personal and corporate income.

Warren Buffett

An American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway, known for his successful investment strategies.

Average Tax Rate

The percentage of taxable income that is paid in taxes; taxes paid divided by taxable income.