Why Are Goldsmiths Considered the Forerunners of Modern Banks

question 89

Multiple Choice

Why are goldsmiths considered the forerunners of modern banks?  

• A) because they had safes to keep gold secure 
• B) because they issued gold coins 
• C) because they created money by lending out gold reserves 
• D) because they created legal tender

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Definitions:

North-South

A direction or orientation aligning with the Earth's magnetic or true north and south poles.

East-West

A directional orientation parallel to the equator, used to describe the relative positioning of geographic features or movements on Earth.

Shortened

Made smaller in length, duration, or extent.

Metamorphic Grade

A classification of the degree of metamorphism or the extent of crystalline, structural, and chemical changes that have occurred in a rock due to heat, pressure, and chemical processes.