Jeff Kaufman decides to bank with Paris First National Bank (PFN). He opens a checking account by depositing 1,000 . According to the PFN 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.
Question 2
Countries are poor because they cannot afford to save and invest is called the:
a. vicious circle of poverty. b. savings-investment trap.
c. LDC trap. d. cycle of insufficient credit.
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Example of Reconciling a Bank Statement