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, meaning they are owned and controlled by their members and exist to provide financial services to those members at a lower cost than traditional for-profit banks. Commercial banks, life insurance companies, and savings banks are organized as for-profit entities.

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