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Understanding Banking Concepts

A quiz designed to test your knowledge of banking concepts, terminology, and key institutions.

#banking #financial literacy #economics #bank institutions

1 ________ is a term used for performing transactions, payments etc.

2 In the UK, for example, the Financial Services Authority licences banks, and some commercial banks (such as the Bank of Scotland) issue their own banknotes in addition to those issued by the ________, the UK government's central bank.

3 In ________, banks are usually the nexus of a cross-share holding entity known as the keiretsu.

4 The earliest evidence of money-changing activity is depicted on a silver drachm coin from ancient Hellenic colony Trapezus on the Black Sea, modern ________, c.

5 2008 edition (PDF) at ________.

6 Banks make money from card products through ________ payments and fees charged to consumers and transaction fees to companies that accept the cards.

7 ________ are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate.

8 They are effectively transferable by mere delivery, in the case of ________, or by drawing a cheque that the payee may bank or cash.

9 Unlike ________, they tend not to invest in new companies.

10 Explains the modern ________ system, its origins, and—as Douglas E.

💡 Interesting Facts

  • the 1298 collapse of the Gran Tavola papal depository bank devastated the economy of Siena for decades.
  • in 2002 Nicaragua had 15 times fewer banks than its Central American counterparts with only six compared to the regional average of 107 per country.
  • the Embassy Gulf Service Station in Washington, D.C. was designed to be reminiscent of banks and libraries.
  • the Gwangtonggwan in Seoul is the oldest continuously-operating bank building in Korea.
  • the Madras Bank, India's oldest Western-style banking institution, was established in 1683 by William Gyfford, the Agent of Madras at the time.
  • Stockholms Enskilda Bank was one of Sweden's first private banks? (pictured is Alida Rossander, an early employee).
  • Lillian Too, renowned feng shui expert, was once chief executive officer of a bank, and has written over 80 books since her retirement.
  • Mozambican journalist Carlos Cardoso was murdered while investigating the privatization of the country's largest bank.
  • Delta, Minas Gerais in Brazil, despite having a population of 6,600, had no banks as of 2007.
  • Girdap, established in Ruse in 1881, was the first privately-owned bank in Bulgaria.
  • IKB Deutsche Industriebank was the first European bank to announce substantial losses from the U.S. subprime mortgage crisis.
  • architect Frank Lloyd Wright's belief that banks should not "put on the airs of a temple of worship" is reflected in the design of the 1905 Frank L. Smith Bank.
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