Which of the following describe the "invention" of banking?
A)The British Empire created a banking system to fund its exploration of the New World.
B)Members of the New York Stock Exchange founded the Bank of America in the 1700s.
C)Goldsmiths in the sixteenth century issued gold receipts which entitled its owners to reclaim their gold on demand.
D)Clergy in the Renaissance created the banking system to help further the growth of the church.
E)The United States government founded the Federal Reserve in 1913.

Question

Quizplus · Accepted Answer

The issuance of gold receipts by goldsmiths in the sixteenth century is widely considered to have been the precursor to modern banking. These receipts eventually evolved into paper currency, which formed the basis for a system of deposit-taking and lending that we recognize as banking today. The other options are either incorrect or misleading.

Which of the Following Describe the "Invention" of Banking