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16 Questions

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Banking Laws and Entities Quiz

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Questions and Answers

What is the main characteristic of a bank according to the given text?

Engaging in the borrowing of funds through deposits

Lending money obtained from deposits (correct)

Issuing debt instruments for relending

Lending money obtained from its own pocket

How does a quasi-bank differ from a bank based on the text?

Banks issue debt instruments for purchasing receivables

Quasi-banks lend money obtained from deposits

Banks endorse debt instruments for relending

Quasi-banks engage in the relending of deposit substitutes (correct)

What is the definition of deposit substitutes according to the given text?

Forms of obtaining funds through direct deposits

Borrowing from 20 or more lenders at any one time

Issuing debt instruments for the borrower's own account (correct)

Lending money obtained from deposits

What does the phrase 'obtaining funds from the public' mean according to the text?

Borrowing from 20 or more lenders at any one time Signup and view all the answers

What type of entities engage in the issuance, endorsement, or acceptance of deposit substitutes?

Quasi-banks Signup and view all the answers

What is the purpose of quasi-banks issuing debt instruments according to the given text?

For purchasing receivables and other obligations Signup and view all the answers

What is the act or process of guaranteeing the distribution and sale of securities of any kind issued by another corporation?

Underwriting Signup and view all the answers

Which type of bank has the authority to exercise the powers of an investment house as provided in existing laws?

Universal banks Signup and view all the answers

What is the purpose of a thrift bank as governed by Republic Act No. 7906?

Providing credit facilities to farmers and merchants Signup and view all the answers

Which entity is authorized by the Bangko Sentral to perform universal or commercial banking functions and also has the authority to engage in quasi-banking functions?

Universal or commercial banking entities Signup and view all the answers

What does 'securities' refer to in the context of investment companies and underwriting?

Ownership interests Signup and view all the answers

Which type of bank is established for the purpose of providing adequate credit facilities to farmers and merchants?

Savings/mortgage banks Signup and view all the answers

According to the text, what are the general powers incident to commercial banks?

Accepting drafts and issuing letters of credit Signup and view all the answers

What is the minimum number of persons from whom funds are obtained for an entity to be considered a bank or quasi-bank?

20 Signup and view all the answers

Which Act governs rural banks?

Rural Banks Act Signup and view all the answers

Which type of bank has the authority to invest in non-allied enterprises as provided in this Act?