ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Commercial Bank
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Mutual Savings Bank
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Credit Union
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savings and loan association
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Detailed explanation-1: -Commercial Bank A financial institution that is owned by stockholders, operates for a profit, and engages in various lending activities.
Detailed explanation-2: -Commercial banks are what most people think of when they hear the term “bank.” Commercial banks are for-profit institutions that accept deposits, make loans, safeguard assets, and work with many different types of clients, including the general public and businesses.
Detailed explanation-3: -The types are savings, private development, stock savings, and loan associations.
Detailed explanation-4: -The traditional way for banks to earn profits is by borrowing and lending. Banks take deposits from customers (essentially borrowing that money from account holders), and they lend it out to other customers.