Solved

Marquis Decides to Bank with First National Bank (FNB)

Question 138

Multiple Choice

Marquis decides to bank with First National Bank (FNB) . He opens a checking account by depositing $1,000. According to the FNB balance sheet, after this initial $1,000 checkable deposit, there are $1,000 in


A) reserves and $1,000 in checkable deposits.
B) liabilities and $2,000 in checkable deposits.
C) checkable deposits and $0 in assets.
D) assets and $0 in liabilities.
E) reserves and $0 in liabilities.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents