ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A financial Institution is also known as what?
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a checking account
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a savings account
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a bank
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a deposit a bank account that earns interest
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Explanation:
Detailed explanation-1: -Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions.
Detailed explanation-2: -A bank is a financial institution licensed to receive deposits and provide other services such as mortgage loans and individual retirement accounts.
Detailed explanation-3: -Retail Banks: Commonly known as general or personal banking institutions, retail banks deals with the general public. They provide services such as savings accounts, current accounts, short-term loans, overdraft protection, etc.
Detailed explanation-4: -Financial institutions are also known as Financial intermediaries.
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