WRITTEN WORK # 2 (INDIVIDUAL ACTIVITY) WRITE YOUR ANSWER ON A BOND PA
1. DEFINE FINANCIAL INSTITUTION.
2. STATE THE THREE BROAD CLASSIFICATION OF FINANCIAL INSTITUTIONS.
3.
DESCRIBE THE DIFFERENT CLASSIFICATIONS OF BANKS.
Answer:
1. A financial institution is an establishment that conducts financial transactions such as loans, deposits, and investments.
2. The three broad classifications of financial institutions are: Commercial Banks, Investment Banks, and Insurance Companies.
3. Commercial banks are financial institutions that provide a variety of services, including accepting deposits, offering checking account services, and providing loans. Savings and loan associations are similar to commercial banks but focus more on residential mortgage lending. Credit unions are member-owned financial cooperatives that provide a variety of banking services, including savings and loan services.
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