Banks and Banking

Front

What topic do banks deal with?

Back

money

Front

What is the definition for, Commercial Banks

Back

Offer services like savings and checking accounts, loans, and credit cards for individuals and businesses

Front

What is the definition for, Investment Banks?

Back

Specialize in services like securities trading, mergers, and acquisitions for corporations.

Front

What is the definition for, Central Banks?

Back

Regulate the banking system, control the money supply, and oversee monetary policy (e.g., the Federal Reserve in the U.S.).

Front

How far back can banking be traced?

Back

2000 BCE

Front

The first prototypes started with ancient civilizations like the Mesopotamia.

Back

True

Front

What kind of resources did they use temples to store and lend to farmers?

Back

Grain

Front

In The US, banks were first established in 1863 when congress passed the National Currency Act

Back

True

Front

What is a checking account?

Back

An account used for everyday expenses like bills, groceries, and uses.

Front

A loan is something that can be borrowed, especially a sum of money that is expected to be paid back with interest. True or False?

Back

True