A(n)________ is a financial institution accepting deposits that it uses to make loans and earn profits.

Question

Quizplus · Accepted Answer

A commercial bank is a type of financial institution that accepts deposits from customers and uses those funds to make loans and earn profits. This is different from an investment club, which is typically a group of individuals who pool their money together to invest in stocks or other securities. A credit union is a not-for-profit financial institution owned by its members, and a mutual savings bank is a type of savings bank that is owned by its depositors.

A(n)________ Is a Financial Institution Accepting Deposits That It Uses