Question

credit unions differ from banking institutions in that they have __________ status.

○ educational

○ for - profit

○ non - profit

○ legal

Explanation:

Credit unions are financial cooperatives owned by their members, and unlike most banking institutions (which are typically for - profit), credit unions operate as non - profit organizations. Their main goal is to serve their members by providing financial services at favorable terms, rather than to generate profits for external shareholders. Educational status is not related to the nature of credit unions as financial entities. Legal status is a broad term, and while credit unions are legal entities, the key distinguishing factor from banks in terms of status is their non - profit nature. For - profit is the opposite of what credit unions are.

Answer:

C. non - profit