Statement I: the Check Clearing for the 21^st Century Act

question 155

Multiple Choice

Statement I: The Check Clearing for the 21^st Century Act passed by Congress in 2004 with the intent to hasten the adoption of electronic check processing.
Statement II: The Fed performed its lender of last resort duty during the last major emergency after the terrorist attacks of 9/11 by lending over $45 billion to banks and thus avoiding a financial panic.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Subsidiaries

Companies that are owned or controlled by another company, known as the parent company or holding company.

Divisional Structure

An organizational structure where operations are segmented based on projects, products, or geographic locations.

Functional Structure

An organizational structure that groups together employees who perform similar functions or tasks.

Modular Design

A system in which a process, product, or service is divided into components that can be changed independently and then reintegrated into the system.