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Interest, Deposit, and Withdrawal Concepts

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Interest, Deposit, and Withdrawal Concepts

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Questions and Answers

Which type of banks in Canada are Canadian-owned and must accept deposits?

Schedule I banks (correct)

Schedule II banks

Foreign banks

Schedule III banks

What distinguishes Schedule II banks from Schedule I banks in Canada?

They have business in Canada but are foreign-owned (correct)

They do not have business in Canada

They offer higher interest rates

They are Canadian-owned

What type of accounts are used for everyday spending and have little to no interest?

Money market accounts

Savings accounts

Checking accounts (correct)

Investment accounts

What number is linked to your bank account and usually consists of 7-12 digits?

Account number Signup and view all the answers

What do creditors check to determine if you are a good person to lend money to?

Your credit score and debt record Signup and view all the answers

What happens if you take out a loan?

You have to pay back the loan and the interest Signup and view all the answers

What do banks need to have from the federal government?

License Signup and view all the answers

What does a liability mean?

It means you owe debt or interest Signup and view all the answers

What is an ATM used for?

To withdraw money by entering your PIN Signup and view all the answers

What happens if you don't have enough money in your account while writing a check?

You get a fee and the check won't be given to the person Signup and view all the answers