Answers 2027 Ignite Financial Literacy-Personal Finance - EL3403 Banking: How to Manage Your MoneyQuestion 3

3

QuizMultiple Choice

Banking: How to Manage Your Money

Question 3 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

What is a major difference between retail banks and credit unions?

Answer

A

Retail banks only serve businesses, while credit unions only serve individuals.

B

Retail banks operate in order to earn profit, while credit unions are nonprofit.

C

Retail banks only have small local branches, while credit unions are nationwide.

D

Retail banks manage a person’s money, while credit unions focus on providing loans.

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