Which of the following represent as example of a thrift institution?Select one:O a. Bank of AmericaO b. None of the aboveOc. JPMorgan ChaseO d. Pentagon Federal Credit UnionO e. Wells Fargo

Thrift Institution Thrift institution generally called the financial institution the majority of the…

Answered: Which of the following represent as…

Which of the following represent as example of a thrift institution? Select one: a. Bank of America O b. None of the above O c. JPMorgan Chase O d. Pentagon Federal Credit Union e. Wells Fargo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Functions of Financial Institutions

Financial institutions are businesses that are formed to deal with financial and monetary transactions. These organizations primarily accept deposits, advance loans, make investments, and provide foreign exchange services. Financial institutions include, but are not limited to, banks, insurance companies, trust companies, brokerage firms, and investment bankers. Because financial institutions play such an important role in the economy in terms of monetary transactions, regulating their activities has become a requirement for governmental authorities. As a result, the government creates a multitude of laws and regulations to oversee the activities of financial institutions.

Question

Which of the following represent as example of a thrift institution?
Select one:
O a. Bank of America
O b. None of the above
Oc. JPMorgan Chase
O d. Pentagon Federal Credit Union
O e. Wells Fargo

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