BANKING GENERAL KNOWLEDGE
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bradley digs out $50 from his cookie jar and deposits it in his checking account. The immediate result of this transaction is that M1 has
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Increased by $50.
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Increased by more than $50.
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Increased by less than $50.
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Not changed.
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Explanation:
Detailed explanation-1: -Answer and Explanation: The correct answer is d. credit cards. Credit cards are mainly used by the individuals to take loans from the banks, and so they are not included in M1.
Detailed explanation-2: -You write paper checks, withdraw money from an automated teller machine (ATM), or pay with a check card.
Detailed explanation-3: -Which of the following is not a transactions account? A savings account.
Detailed explanation-4: -Which of the following appears in M2 but not in M1? Savings accounts.
There is 1 question to complete.