When a Customer Makes a Deposit, the Customer Becomes a Creditor

question 15

True/False

When a customer makes a deposit, the customer becomes a creditor, and the bank a debtor, for the amount deposited.

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Definitions:

Five-figure Accuracy

A level of precision in numerical or quantitative information that includes five significant digits.

Terminating Decimal

A decimal number that ends or has a finite number of digits after the decimal point.

Decimal Equivalent

The decimal form of a fraction, representing the same value as the fraction but in decimal notation.

Percent Equivalent

The percentage representation of a fraction or decimal, used to compare rates, efficiencies, or proportions across different contexts.