The Main Function of Financial Institutions Is to Facilitate the Flow

question 56

True/False

The main function of financial institutions is to facilitate the flow of money from sectors with surpluses to those with deficits.

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Definitions:

Existing Duty

An obligation that is already legally required or expected of a person or entity.

Verbal Agreement

An agreement made through spoken words between parties that can be legally binding, but is harder to prove than a written contract.

Enforceable

Capable of being imposed or carried out by legal process or authority.

Single Promise

A commitment or agreement involving one clear and unambiguous obligation or stipulation.