ECONOMICS (CBSE/UGC NET)

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ECONOMICS

ECONOMIC INSTITUTIONS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
For most consumers, ____ provide a safe means to store earnings. Typically, ____ also offer direct deposit (where a person’s paycheck goes directly into his or her account), check-writing services, debit and credit cards, loans of all sorts (personal, home equity, business), and a host of other services.A) Commercial BanksB) Credit UnionsC) Title Pawn LenderD) Payday Lender
A
A
B
B
C
C
D
D
Explanation: 

Detailed explanation-1: -Key Takeaways Certificates of deposit (CDs) issued by banks and credit unions also carry deposit insurance. U.S. government securities–such as Treasury notes, bills, and bonds–have historically been considered extremely safe because the U.S. government has never defaulted on its debt.

Detailed explanation-2: -A savings account is a basic account in a bank where you can deposit your extra income while gaining interest on the same depending on the saving account interest rate.

Detailed explanation-3: -A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. Also called demand accounts or transactional accounts, checking accounts are very liquid and can be accessed using checks, automated teller machines (ATMs), and electronic debits, among other methods.

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