BUISENESS MANAGEMENT
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A financial institution that requires you to belong to a certain group (e.g. state or federal employees) in order to join their cooperative and use their services is called a:
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Commercial bank
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Credit Union
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Pay Day Loan
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None of the above
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Explanation:
Detailed explanation-1: -Credit unions operate to promote the well-being of their members. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.
Detailed explanation-2: -The major categories of financial institutions are central banks, retail and commercial banks, internet banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.
Detailed explanation-3: -Savings banks can be owned by their depositors (mutual ownership) or by shareholders (stock ownership).
There is 1 question to complete.