Question

Which of the following is NOT a type of bank.? A savings and loans association B credit union C modern bank D commercial bank

Answer 1

The right answer is C. Modern bank. This is not a type of bank.

A bank is a financial business entity whose main function is to capture economic resources in the form of deposits and lend money charging interest for these services. They are also responsible for providing various financial services. A savings and loans association is an institution whose purpose is to accept savings, deposits and offer mortgages as a form of credit loan. A credit union is a form of a financial cooperative formed by pre-established members that control the operation and offers aid to its members through loans at low-interest rates. A commercial bank is a banking institution whose main objective is to provide financial services to corporations or medium/large companies.

I hope this information can help you.