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Types of Banking Institutions Quiz

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Questions and Answers

What is the main difference between banking and non-banking financial institutions?

Banking institutions can issue and accept cheques, while non-banking institutions cannot.

Banking institutions offer lower interest rates, while non-banking institutions offer higher interest rates.

Banking institutions require a license to operate, while non-banking institutions do not. (correct)

Banking institutions have longer terms of payment, while non-banking institutions have shorter terms of payment.

Which of the following is a similarity between banking and non-banking financial institutions?

Both are regulated by the Bangko Sentral ng Pilipinas. (correct)

Both offer lower interest rates.

Both have longer terms of payment.

Both can issue and accept cheques.

What is the main source of funds for depository banking institutions?

Investments

Loans

Deposits from customers (correct)

Government subsidies

Which of the following is NOT an example of a non-depository financial institution?

Commercial bank Signup and view all the answers

Which of the following is not an obligation of entrepreneurs towards their creditors?

Providing accurate and complete information when applying for credit. Signup and view all the answers

What is the primary function of microloan organizations?

To offer small credits or loans to individuals or businesses Signup and view all the answers

What is the primary purpose of insurance firms?

To provide a contingent promise of economic protection in case of loss Signup and view all the answers

What is the primary purpose of entrepreneurs using borrowed funds?

To improve cash flow. Signup and view all the answers

Which type of insurance typically covers unexpected losses to assets?

General insurance Signup and view all the answers

What is the consequence of entrepreneurs failing to make timely payments on their debt?

They will be subject to penalties, increased interest rates, or damage to their creditworthiness. Signup and view all the answers