BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banks are ____
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Economic institutions
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Social institutions
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Financial institutions
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None of the above
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Explanation:
Detailed explanation-1: -A bank is a financial institution licensed to receive deposits and provide other services such as mortgage loans and individual retirement accounts.
Detailed explanation-2: -Banking institutions include commercial banks, savings and loan associations, and credit unions. Non-banking financial institutions include insurance companies, pension funds, and hedge funds.
Detailed explanation-3: -All financial institutions can also be termed as banking institutions.
There is 1 question to complete.