Correct Answer: Banking institutions executing transactions with consumers
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What does the term "Debenture" imply?
Answer & Explanation
Correct Answer: A long term loan to a company, usually at a fixed rate of interest and for a specific term
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What is the payment that people receive after a mishap which leaves them in the same financial position as they were in before they suffered the loss called?
Answer & Explanation
Correct Answer: Indemnity
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What is the definition of an offshore bank?
Answer & Explanation
Correct Answer: A bank located outside the country of the depositor, usually in a lower tax jurisdiction
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What is the current maximum limit that the FDIC will insure any one person at a bank for?
Answer & Explanation
Correct Answer: $250,000
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Which of the following is a reason for a person to open an offshore account?
Answer & Explanation
Correct Answer: They want the ability to move their money out of their home country banking system, especially during times of economic turbulence
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What is the definition of a negotiable instrument?
Answer & Explanation
Correct Answer: A special type of contract for the payment of money capable of transfer by negotiation
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Checking all bank account papers to make sure that the bank records and your records agree is known as:
Answer & Explanation
Correct Answer: Reconciliation
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What does the term "Straight Paper" denote?
Answer & Explanation
Correct Answer: It stands for unsecured notes, bills of exchange and/or banker's acceptances
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How is a savings account different from a certificate of deposit?
Answer & Explanation
Correct Answer: Savings accounts can be added to or withdrawn from at any time, CDs can not be
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