Banking Concepts in the Bahamas

This video tutorial on Bahamas Educational Express covers the basics of banking and insurance. It explains what a bank is, the services they offer, and the types of banks in the Bahamas, including commercial and offshore banks. The video also discusses the currencies used in the Bahamas, highlighting the Bahamian and US currencies. Key banking concepts such as interest, loans, and savings are reviewed, providing a comprehensive understanding of banking operations.

Which of the following is NOT a bank mentioned in the Bahamas?

• Commonwealth Bank

• Bank of America

• Royal Bank

• Scotia Bank

What is the primary role of a bank?

• To manufacture products

• To manage money and valuables

• To sell goods

• To provide education

What is the term for the extra money earned on deposits in a bank?

• Loan

• Mortgage

• Interest

• Credit

Which service allows you to withdraw cash from a machine?

• Credit card

• Traveler's check

• ATM card

• Bank draft

What type of bank is used by foreigners to avoid taxes?

• Central bank

• Commercial bank

• Offshore bank

• Trust bank

Which currency is primarily used in the Bahamas?

• Bahamian currency

• Euro

• Canadian dollar

• Japanese yen

Whose face is on the Bahamian five dollar note?

• Milo Butler

• Wallace Whitfield

• Queen Elizabeth II

• Lynden Pindling

What is the term for borrowing money from a bank?

• Savings

• Deposit

• Loan

• Interest

What is a paper that can be exchanged for cash called?

• Check

• Credit card

• Bank draft

• Traveler's check

Which type of bank offers services to both locals and tourists?

• Investment bank

• Trust bank

• Commercial bank

• Offshore bank