Financial Institutions Jamb Economics Past Questions
Question 1
Commercial banks are different from development banks in that the latter
- A. lend on short-term basis
- B. pay interest on current accounts only
- C. are mostly joint-stock companies
- D. do not deal in foreign currencies
Question 2
The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?
- A. Commercial bank
- B. Central bank
- C. Mortgage bank
- D. Merchant bank
Question 3
The commercial banks differ from non-bank financial institutions because they
- A. Accept deposits withdrawable by cheque
- B. Mobilize savings
- C. Invest surplus funds
- D. Contribute to economic development
Question 4
The savings deposit in a commercial bank is called
- A. Capital
- B. Fund
- C. Near money
- D. Money
- E. Call money
Question 5
An advantage of electronic banking is that it
- A. Enables many customers to operate joint accounts
- B. Reduces risk of bank fraud
- C. Enables a customer to operate many accounts from different locations
- D. Enables a customer to operate his account from different locations
