The two basic functions of the Canadian chartered banks and saving institutions are:
A)making loans to the public and the federal government.
B)holding the money deposits of businesses and households, and making loans to the public.
C)holding the money deposits of businesses and households, and lending to the federal government.
D)creating money and lending to the federal government.

Question

Quizplus · Accepted Answer

Canadian chartered banks and savings institutions have two basic functions: holding the money deposits of businesses and households, and making loans to the public. They do not lend exclusively to the federal government and do not have the power to create money.

The Two Basic Functions of the Canadian Chartered Banks and Saving