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Questions and Answers
Which type of banks in Canada are Canadian-owned and must accept deposits?
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?
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?
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?
What number is linked to your bank account and usually consists of 7-12 digits?
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What do creditors check to determine if you are a good person to lend money to?
What do creditors check to determine if you are a good person to lend money to?
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What happens if you take out a loan?
What happens if you take out a loan?
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What do banks need to have from the federal government?
What do banks need to have from the federal government?
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What does a liability mean?
What does a liability mean?
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What is an ATM used for?
What is an ATM used for?
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What happens if you don't have enough money in your account while writing a check?
What happens if you don't have enough money in your account while writing a check?
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