During the Great Depression in the 1930s the Banking Industry

question 86

Multiple Choice

During the Great Depression in the 1930s the banking industry was crippled so badly that nearly _____ of the banks failed.

• A) 50%
• B) 20%
• C) 25%
• D) 33%

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Definitions:

Accounts Receivable

An asset that indicates amounts owed by customers.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.

Payroll Payable

A liability account that represents the amount of money a company owes to its employees for wages earned but not yet paid.

Work-in-Process Inventory

Work-in-process inventory includes partially finished goods that are still in the production process at the end of an accounting period.