Which of the Following Describe the "Invention" of Banking

question 288

Multiple Choice

Which of the following describe the "invention" of banking?

• A)The British Empire created a banking system to fund its exploration of the New World.
• B)Members of the New York Stock Exchange founded the Bank of America in the 1700s.
• C)Goldsmiths in the sixteenth century issued gold receipts which entitled its owners to reclaim their gold on demand.
• D)Clergy in the Renaissance created the banking system to help further the growth of the church.
• E)The United States government founded the Federal Reserve in 1913.

---

Definitions:

Expert Team

A group of individuals with specialized knowledge or skills in a particular area, working together to achieve specific goals.

Interacting Group

A collection of individuals who are in direct contact and communicate with each other to achieve a common goal.

Excessive Amounts

Quantities or volumes beyond what is considered normal, necessary, or reasonable.

Financial Benefit

The economic gain obtained from an investment or business activity after accounting for all costs.