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What is the primary purpose of a bank?
What is the primary purpose of a bank?
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Practice Questions
1 question
Q1
What is the primary purpose of a bank?
To provide loans to individuals
To facilitate transactions and manage deposits
To invest in stocks
To offer insurance services
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The primary purpose of a bank is to facilitate transactions and manage deposits.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the primary purpose of a bank?
Solution:
The primary purpose of a bank is to facilitate transactions and manage deposits.
Steps: 5
Show Steps
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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