The Required Reserve Ratio Is Set by the

question 83

Multiple Choice

The required reserve ratio is set by the

• A) U.S.Congress.
• B) President of the United States.
• C) Secretary of the Treasury.
• D) Federal Reserve.
• E) Director of Monetary Affairs.

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Definitions:

Adjusting Entries

These are journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Expense Account

An account used to track expenditures or costs incurred by a business or an individual for operational purposes.

Asset Account

An account that tracks resources owned or controlled by a business or individual which have economic value.

Unearned Items

Income received for goods not yet delivered or services not yet provided, considered a liability until the goods or services are delivered.