ke sure to submit a word document with your answers: 1) What is a balance sheet and what are the major types of bank assets and liabilities? 2) What do banks do and what are their main functions? 3) What are the major problems facing bank managers and why is bank management closely regulated? 4) What is credit risk and how do bankers manage it? 5) Why did the Great Inflation spur financial innovation? 6) What are loophole mining and lobbying, and why are they important? 7) Given the Canadian banking sector in 2003 measures by the five-firm concentration ratio stated on chapter 10 which bank has the highest amount of assets in millions and by how much? Also state the total amount of assets in 2003. 8) What are the 3 conditions that bankers must ensure to manage their assets and liabilities? 9) What is the basic equation that banks use to understand their financial statements? (hint: the answer is extremely close to the basic accounting equation). 10) What are off-balance-sheet activities that banks engage in