Which of the following financial institutions is organized as a not-for-profit cooperative?
A)commercial bank
B)credit union
C)life insurance company
D)savings bank

Question

Quizplus · Accepted Answer

Credit unions are organized as not-for-profit cooperatives, with the goal of providing financial services to members at lower costs than traditional banks. They are owned and controlled by their members, who share a common bond such as membership in a particular community or workplace. Commercial banks, savings banks, and life insurance companies are all for-profit institutions.

Which of the Following Financial Institutions Is Organized as a Not-For-Profit