Retail Banks Services Quiz
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Questions and Answers

What is the term used to describe the process of building societies becoming companies in the late 1980s?

  • Remutualisation
  • Demutualisation (correct)
  • Privatisation
  • Nationalisation
  • Which UK organization is highlighted as the largest single savings organization in the UK offering various savings products?

  • National Savings & Investment (NS&I) (correct)
  • Challenger Banks
  • Traditional Banks
  • Nationwide Building Society
  • What distinguishes 'challenger banks' from traditional banks according to the text?

  • They focus on underserved areas (correct)
  • They have more community branches
  • They are government-operated
  • They offer fewer financial services
  • Which entity mentioned in the text is operated by the government and offers 100% security on all deposits?

    <p>National Savings &amp; Investment (NS&amp;I)</p> Signup and view all the answers

    What type of products does National Savings & Investment (NS&I) primarily offer?

    <p>Savings Bonds and Certificates</p> Signup and view all the answers

    How do customers lend to the government when investing in National Savings & Investment (NS&I) products?

    <p>By depositing funds in NS&amp;I</p> Signup and view all the answers

    What type of financial services do retail banks provide to retail customers?

    <p>Taking deposits and lending funds</p> Signup and view all the answers

    In addition to traditional banking services, what other financial products do larger retail banks offer?

    <p>Investments, pensions, and insurance</p> Signup and view all the answers

    What term is commonly used in the UK to refer to savings institutions?

    <p>Building societies</p> Signup and view all the answers

    How were building societies established in the 19th century?

    <p>By pooling savings of individuals to help members build or buy houses</p> Signup and view all the answers

    How are building societies described due to the ownership structure?

    <p>'Mutual societies'</p> Signup and view all the answers

    Why have many smaller building societies merged or been taken over?

    <p>By larger ones or banks</p> Signup and view all the answers

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