What is the primary purpose of a bank?
Correct Answer: To facilitate transactions and manage deposits.
- Step 1: Understand that a bank is a financial institution.
- Step 2: Know that banks help people keep their money safe by allowing them to deposit it.
- Step 3: Realize that banks provide a way for people to withdraw their money when they need it.
- Step 4: Learn that banks help people and businesses make payments to each other.
- Step 5: Remember that banks also lend money to people and businesses, helping them to buy things or invest.
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