American Bankers Association Exam CRCM Topic 6 Question 95 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 95
Topic #: 6

First National Bank is attempting to determine which of the following customers would qualify as exempt persons:

* Nationwide Foods, Inc., is a national company with stock listed on the New York Stock Exchange

* National Paper Products, is a wholly owned subsidiary of Nationwide Foods, Inc.

* Products Incorporated, a depositor for three months, is a regional company whose stock is designated a NASDAQ Capital Markets Company and that sells and leases large boats

* Century Enterprises, a local company owning several local restaurants, is a long-time bank customer and frequently makes deposits in excess of $10,000. All of Century's stock is owned by a local family.Which of these customers would qualify as an exempt person?

AAll except for Nationwide Foods, Inc.

BAll except for National Paper Products

CAll except for Century Enterprises

DAll except for Products Incorporated

Show Suggested Answer

Suggested Answer: D

by Willard at Aug 26, 2024, 01:37 PM

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Micaela

1 months ago

I'm going to have to agree with Art on this one. D seems like the correct answer. Products Incorporated just doesn't seem to meet the requirements.

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Shelba

2 months ago

This is a tricky one. I'm going to have to go with B. National Paper Products is the only one that doesn't seem to fit the criteria for an exempt person.

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Micah

6 days ago

Yes, it seems like National Paper Products is the outlier in this scenario.

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Odelia

18 days ago

So, we're all in agreement that National Paper Products is the only one that doesn't qualify as an exempt person?

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Junita

24 days ago

I agree, National Paper Products is the odd one out here.

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Avery

1 months ago

I think B is the correct answer too. National Paper Products doesn't seem to meet the criteria.

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Art

2 months ago

I'm going with D. Products Incorporated is a regional company, and it's only been a bank customer for 3 months, so it doesn't seem to qualify as an exempt person.

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Doretha

2 months ago

Hmm, I'm not sure about this one. Maybe C? Century Enterprises seems like a local company, so they might not qualify as an exempt person.

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Roosevelt

1 months ago

C) All except for Century Enterprises

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Lelia

1 months ago

D) All except for Products Incorporated

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Maybelle

2 months ago

B) All except for National Paper Products

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Alonzo

2 months ago

A) All except for Nationwide Foods, Inc.

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Jaime

2 months ago

I think the answer is B. All except for National Paper Products, since it's a wholly owned subsidiary of Nationwide Foods, Inc., which is a national company with stock listed on the NYSE.

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