ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The FDIC protects deposits in most commercial and savings banks.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -The category of FDIC-insured commercial banks includes all commercial banks insured by the Federal Deposit Insurance Corporation (FDIC).
Detailed explanation-2: -The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails. Any person or entity can have FDIC insurance coverage in an insured bank.
Detailed explanation-3: -The Federal Deposit Insurance Corporation (FDIC) is an independent federal government agency which insures deposits in commercial banks and thrifts. Federal deposit insurance is mandatory for all federally-chartered banks and savings institutions.
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