The Federal Reserve System Was NOT

question 287

Multiple Choice

The Federal Reserve System was NOT

• A)established with the 1913 passage of the Federal Reserve Act.
• B)the first attempt to have a United States central bank.
• C)intended to act as a "lender of last resort."
• D)designed to lend money to inherently sound banks so that they can survive financial panics.

Recognize the differences in accounting for inventory in a merchandising business.

Understand the role of gross profit in the income statement and how it is calculated.

Grasp the concept of operating income and its calculation in a merchandising business.

Identify the primary components and terminology related to credit transactions.

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Definitions:

Tying Arrangement

A sales tactic where the purchase of one product is conditional upon the purchase of another product.

Scuba Diving

An underwater diving activity where the diver uses self-contained underwater breathing apparatus to explore underwater environments.

Legal

Pertaining to the law or the system of rules and guidelines recognized and enforced by a country's governmental institutions.

Trademark Dilution

The weakening of a famous trademark's distinctiveness through unauthorized use of the mark or a similar mark.