QUESTION 1: MCQ
Primary service offered by a Bank in order to make profit is granting loans and advances to clients.Answer is choice (i)
Deposits at the bank are considered sources of funds for the bank, while Bank Bonds and Borrowings are regarded as sources of funds and loans as uses of funds for the bank. Answer is choice (iii)
A letter of guarantee is: A payment undertaking by a bank, that in the event of the customer failing its obligation, bank will make payment. Answer is choice (i)
When having a current account: A mandate from the customer - the account owner - needs to be obtained in order to perform a transfer of money to another bank account Answer is choice (iv)
Banks Savings products offered to customers are: Savings accounts and Certificate of Deposits. Answer is choice (iii)
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