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WAEC Commerce 1992 Question 21

Question 21

Banking

The main similarity between commercial banks and other financial institutions is

  1. A.the acceptance of customers' deposits and making payments on their behalf
  2. B.financing of balance of payments deficits
  3. C.creating and destroying money
  4. D.giving credits to individuals or organizations
  5. E.giving night safe facilities.
Show the answer and explanation

Answer: A (the acceptance of customers' deposits and making payments on their behalf)

Explanation

Like commercial banks, other financial institutions take deposits from customers and pay out on their behalf; creating money and night safes are special to commercial banks.