Credit Unions ________

question 32

Multiple Choice

Credit unions ________.

• A)acquire access to funds by accepting deposits then use these monies in lending to households and firms
• B)are a special type of mutual fund
• C)raise funds by selling commercial paper then lend these funds to consumers
• D)acquire access to monies through the payment of premiums by employees

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Definitions:

Mortgage Payable

A long-term liability account that records the amount owed on a property mortgage.

Current Assets

Items on a company's balance sheet anticipated to be cashed in, sold off, or utilized within the longer span of either one year or its operational cycle.

Current Liabilities

Obligations or debts that a company expects to settle within one year or within the normal operating cycle of the business.

Liquidity

The ease with which an asset, or security, can be converted into ready cash without affecting its market price.