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Which of the following represents a nonbank?


A) life insurance companies
B) savings and loan associations
C) credit unions
D) thrift institutions

E) B) and C)
F) None of the above

Correct Answer

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When the U.S. was still a colony of Great Britain, land banks were created to lend money to farmers.

A) True
B) False

Correct Answer

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The Fed commonly buys or sells U.S. government securities to regulate the money supply.

A) True
B) False

Correct Answer

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To decrease the money supply, the Federal Reserve sells U.S. government bonds in open-market operations.

A) True
B) False

Correct Answer

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Banks focus on the creditworthiness of the borrower when determining whether to grant a loan.

A) True
B) False

Correct Answer

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While an electronic funds transfer represents a faster and more flexible method of making payments than writing checks, it is more expensive for banks.

A) True
B) False

Correct Answer

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