All commercial banks are________, meaning they have received government permission to operate, either from the federal government (national banks) or an individual state (state banks).
A) licensed
B) chartered
C) regional
D) certified
E) accredited

Question

Quizplus · Accepted Answer

Commercial banks are chartered, meaning they have received a specific form of authorization or license from the government (either federal or state) to operate as a bank. This charter outlines the rules and regulations under which they must operate.

All Commercial Banks Are________, Meaning They Have Received Government Permission