Interest, Deposit, and Withdrawal Concepts
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Interest, Deposit, and Withdrawal Concepts

Created by
@RenownedSandDune

Questions and Answers

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

Schedule I banks

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

They have business in Canada but are foreign-owned

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

Checking accounts

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

<p>Account number</p> Signup and view all the answers

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

<p>Your credit score and debt record</p> Signup and view all the answers

What happens if you take out a loan?

<p>You have to pay back the loan and the interest</p> Signup and view all the answers

What do banks need to have from the federal government?

<p>License</p> Signup and view all the answers

What does a liability mean?

<p>It means you owe debt or interest</p> Signup and view all the answers

What is an ATM used for?

<p>To withdraw money by entering your PIN</p> Signup and view all the answers

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

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

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