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State chartered banks automatically become members of the Federal Reserve System True False Question 18 A contingent item that may eventually be placed on the

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State chartered banks automatically become members of the Federal Reserve System True False Question 18 A contingent item that may eventually be placed on the right-hand side of the balance sheet or expensed on the income statement is 3(n): off-balance-sheet liability. loan sold without recourse. off-balance sheet asset. contigent asset

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