Which of the following was a consequence of passage of the Financial Modernization Act (Gramm-Leach-Bliley)?
A) Formation of insurers was made easier because capital requirements were reduced.
B) It became easier for insurers to conduct business as they were no longer required to be licensed in each state where they operate, but only in the state where they are domiciled.
C) Insurers were required to prepare financial statements using generally accepted accounting principles (GAAP) instead of using statutory accounting.
D) Depression-era barriers between underwriting risk, depository functions, and securities underwriting were eliminated.
Answer: D
You might also like to view...
An offer that is made to two or more persons jointly must be accepted jointly
Indicate whether the statement is true or false
A corporation has 4,000 shares, 10% preferred stock of $55.00 par preferred stock, and 8,000 shares of common stock outstanding. The net income for the year is $260,000. Calculate earnings per share. (Round your answer to the nearest cent.)
A) $55.00 B) $29.75 C) $32.50 D) $65.00
Asa Meyer was just named FireFly Products sales manager, with responsibilities for all marketing planning. FireFly's president tells him that his job is to "outsell the competition." FireFly is operating in the ________ era.
A. sales B. production C. marketing company D. marketing department E. market-oriented
Enterprise resource planning (ERP) systems are:
A. complex. B. cheap. C. easy to implement. D. user-friendly.