AFIP Basic Certification Practice Exam Complete
Questions And 100%Detailed Answers| Newest
Update!
Which of the following is an example of a commodity-
backed currency? - ANSWER-A ten-dollar bill backed up
by gold held at a bank.
What term is best defined as an amount of debt owed by a
firm or an individual? - ANSWER-liability
A liability is an amount of debt owed by a firm or an
individual.
,Which of the following explains why deposits are a liability
for banks? - ANSWER-Banks must be able to give the
money back to customers in the form of withdraw.
• When bank customers deposit money into a checking
account, savings account, or a certificate of deposit, the
bank views these deposits as liabilities. After all, the bank
owes these deposits to its customers, when the customers
wish to withdraw their money.
assets - ANSWER-loans, bonds, reserves
liabilities - ANSWER-deposits
True or false?
, Deposits are assets to banks because the money is given
to them and added to the bank's overall net worth. -
ANSWER-False
When bank customers deposit money into a checking
account, savings account, or a certificate of deposit, the
bank views these deposits as liabilities. After all, the bank
owes these deposits to its customers, when the customers
wish to withdraw their money.
______ refers to lending a variety of loans, such as car
loans, home loans, and business loans to a variety of
customers. - ANSWER-Diversification
Banks can diversify loans, or loan to a variety of
customers, in order to protect themselves against a high
Questions And 100%Detailed Answers| Newest
Update!
Which of the following is an example of a commodity-
backed currency? - ANSWER-A ten-dollar bill backed up
by gold held at a bank.
What term is best defined as an amount of debt owed by a
firm or an individual? - ANSWER-liability
A liability is an amount of debt owed by a firm or an
individual.
,Which of the following explains why deposits are a liability
for banks? - ANSWER-Banks must be able to give the
money back to customers in the form of withdraw.
• When bank customers deposit money into a checking
account, savings account, or a certificate of deposit, the
bank views these deposits as liabilities. After all, the bank
owes these deposits to its customers, when the customers
wish to withdraw their money.
assets - ANSWER-loans, bonds, reserves
liabilities - ANSWER-deposits
True or false?
, Deposits are assets to banks because the money is given
to them and added to the bank's overall net worth. -
ANSWER-False
When bank customers deposit money into a checking
account, savings account, or a certificate of deposit, the
bank views these deposits as liabilities. After all, the bank
owes these deposits to its customers, when the customers
wish to withdraw their money.
______ refers to lending a variety of loans, such as car
loans, home loans, and business loans to a variety of
customers. - ANSWER-Diversification
Banks can diversify loans, or loan to a variety of
customers, in order to protect themselves against a high
