Widespread Use of Deposit Banking and the Use of Cheques

question 52

Multiple Choice

Widespread use of deposit banking and the use of cheques in transactions in Canada

• A) dates back to the 19th century.
• B) first occurred shortly after World War I.
• C) first occurred in the early 20th century.
• D) has slowly developed, and the volume of transactions by cheques has surpassed the volume of transactions by cash only since the early 1980s.
• E) first occurred shortly after World War II.

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Definitions:

Variable Cost

A cost that varies with the level of output or activity, in contrast to fixed costs, which remain constant regardless of activity.

Fixed Costs

Expenses that do not change with changes in the volume of production or sales, such as rent, salaries, and insurance.

Break-Even Point

The point at which total costs and total revenues are equal, resulting in no net loss or gain.

Monthly Profit

The total revenue of a business minus the total expenses for the month, indicating the financial gain.