FIN 370 Exam Questions and Answers
Graded A+
Definition of bank commercial (legal definition) - Correct answer-banking defined
as jurisdiction by the legislation created and regulated by the government. The
activities includes receiving deposit of money, making advances or lending and
paying or collecting cheques
Definition of Bank Commercial by FSA 2013
& 4 business - Correct answer-"A person which carries on banking business". The
said business are:
1. Accepting deposits on current account, deposits account, savings account or
other similar account
2. Paying or collecting cheques drawn by or paid in
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, 3. The provision of finance
4. Any other business with the approval by the minister of finance
- cheques, savings book and ATM facilities
5 Functions of Commercial Bank - Correct answer--The largest and main players
in the banking system.
¨Main characteristic: provision of current account facilities where payment can be
made through issuing cheques
1. Mobilisation of savings
- current, savings & fixed deposit acc
2. Provision of facilities for its customers to make payments and receive money
- cheques, savings book and ATM facilities
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Graded A+
Definition of bank commercial (legal definition) - Correct answer-banking defined
as jurisdiction by the legislation created and regulated by the government. The
activities includes receiving deposit of money, making advances or lending and
paying or collecting cheques
Definition of Bank Commercial by FSA 2013
& 4 business - Correct answer-"A person which carries on banking business". The
said business are:
1. Accepting deposits on current account, deposits account, savings account or
other similar account
2. Paying or collecting cheques drawn by or paid in
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, 3. The provision of finance
4. Any other business with the approval by the minister of finance
- cheques, savings book and ATM facilities
5 Functions of Commercial Bank - Correct answer--The largest and main players
in the banking system.
¨Main characteristic: provision of current account facilities where payment can be
made through issuing cheques
1. Mobilisation of savings
- current, savings & fixed deposit acc
2. Provision of facilities for its customers to make payments and receive money
- cheques, savings book and ATM facilities
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
