ANSWER THIS QUESTION TRUE/ FALSE AND GIVE EXPLANATION

1. An offshore center is a country which offers to the residents and non-residents of other countries the ability to establish companies and to use its financial services for activities outside this center, offering in most of the cases some advantages such as low taxation rates.

2. Financial players prefer to use international financial centers because its easy to flexible trusts and special purpose companies.

3. Primary offshore centers act only as intermediation of funds transfer.

4. According to history, banking began around 2000 BC in Assyria and China.

5. A bank is a financial institution that accepts deposits from the public and creates credit.

6. One of the main functions of investment bank is to accept deposit and provide credit line to customers.