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A commercial bank is unique in that it is the only institution that

Economics
JAMB 1978

A commercial bank is unique in that it is the only institution that

  • A. makes loans to private people and businessmen
  • B. accept deposits
  • C. can store peoples' valuables
  • D. can transfer money from one place to another for its customers
  • E. saves money through the granting of credits
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Correct Answer: Option B
Explanation

The most distinctive features of a commercial bank are borrowing and lending, i.e, acceptance of deposits and lending of money to earn Interest (profit). 

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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
JAMB CBT Mobile App 2024 - Free Download
JAMB CBT 2024 - Candidates, Schools, Centres, Resellers - Get Ready!
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
JAMB CBT Mobile App 2024 - Free Download
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
JAMB CBT 2024 - Candidates, Schools, Centres, Resellers - Get Ready!