Question 1

What is a bank and what does it do?

Accepted Answer

A bank is a financial institution that accepts deposits from the public, offers loans, and provides other financial services like savings accounts, checking accounts, and money transfers.

Question 2

What are the main types of banks?

Accepted Answer

The main types of banks include commercial banks, which serve individuals and businesses; central banks, which manage a country's currency and monetary policy; and investment banks, which help companies raise capital and offer financial advice.

Question 3

Why is banking important in the economy?

Accepted Answer

Banks play a key role in the economy by providing credit, encouraging saving, facilitating payments, and supporting business growth through loans and financial services.

Question 4

What is the difference between a savings account and a current account?

Accepted Answer

A savings account is mainly for saving money and earning interest, while a current account is used for frequent transactions and usually doesn't earn interest.

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