Asked by Garrett Wynne on May 06, 2024
Verified
_____ is organized as a not-for-profit cooperative.
A) Commercial bank
B) Credit union
C) Life insurance company
D) Savings bank
Not-For-Profit Cooperative
An organization owned and operated by its members with the primary goal of meeting their needs and aspirations without seeking to make a profit.
Credit Union
A member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and offering other financial services to its members.
- Know the structure and purpose of different financial institutions.
Verified Answer
Learning Objectives
- Know the structure and purpose of different financial institutions.
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