Cisco is considering opening a financial institution that accepts savings deposits from only its employees and makes loans to only its employees.The best description of this financial institution is that it is a
A)credit union.
B)commercial bank.
C)savings and loan association.
D)savings bank.
E)federal government chartered credit bank.

Question

Quizplus · Accepted Answer

This financial institution fits the definition of a credit union, which is a member-owned financial cooperative that only accepts deposits from and makes loans to its members. In this case, the members are only employees of Cisco.

Cisco Is Considering Opening a Financial Institution That Accepts Savings