Limited branch banking:
a. permits banks to locate offices within a geographically defined distance of the main office
b. is controlled by the Federal Reserve system
c. means that banks may only engage in certain limited activities
d. none of the above
Ans: a. permits banks to locate offices within a geographically defined distance of the main office
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On September 30, the Cash account of Value Company had a normal balance of $5,000. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of September?
a. A $0 balance. b. A $4,300 debit balance. c. A $4,300 credit balance. d. A $5,700 debit balance. e. A $5,700 credit balance.
Joe buys a trailer from a used-car dealership. On enquiry, the dealer tells him that the trailer is in great condition. However, three days later, the trailer breaks down
Investigation by Joe reveals that the trailer had seven previous owners and that the engine has been replaced thrice. An automobile expert tells Joe that the trailer is dangerous. Which of the following frauds would the dealer be liable for? A) fraud in the factum B) fraud in the inducement C) fraud by concealment D) misrepresentation of law