Answer the following statement(s) true (T) or false (F)
1. The purpose of a commercial bank is to make a profit.
2. Commercial banks are the only legal system that can accept deposits from customers and provide them a checking account.
3. Mutual savings banks are depositor-owned, and are primarily concentrated in the New England states, New York, and New Jersey.
4. Only institutions that provide banking services qualify as financial institutions.
5. Insurance companies, pension funds, large brokerage houses, and consumer finance companies are all classified as nonbanking financial institutions because they act as sources and users of funds.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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