Question

value: 1

banks are private for-profit corporations and credit unions are nonprofit organizations owned by the people.

true
false

Explanation:

Analyze the definition of banks

Banks are financial institutions operating as private, for-profit corporations owned by shareholders.

Analyze the definition of credit unions

Credit unions are cooperative, nonprofit financial institutions owned and controlled by their members.

Compare definitions with the statement

The statement says banks are private for-profit corporations and credit unions are nonprofit organizations owned by the people (members). This matches the definitions.

Answer:

• True (Correct answer)
• False