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Questions and Answers
What distinguishes Schedule I banks from Schedule II banks in Canada?
What distinguishes Schedule I banks from Schedule II banks in Canada?
- Owned by Canadian shareholders vs. Canadian incorporated
- Permitted business in Canada vs. Canadian-owned
- Canadian ownership vs. foreign ownership (correct)
- Having 'Canada' in the name vs. 5 big banks
Which type of bank account is suitable for everyday spending?
Which type of bank account is suitable for everyday spending?
- Checking account (correct)
- Business account
- Savings account
- Investment account
What information is NOT required to open a bank account?
What information is NOT required to open a bank account?
- ID
- SIN number
- Phone number/email
- Credit score (correct)
Which factor can negatively impact your ability to get a loan?
Which factor can negatively impact your ability to get a loan?
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What distinguishes Schedule III banks from Schedule I and II banks in Canada?
What distinguishes Schedule III banks from Schedule I and II banks in Canada?
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Which numbering system is NOT associated with writing a check?
Which numbering system is NOT associated with writing a check?
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What is interest?
What is interest?
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What happens if you don't have enough money in your account to cover a check you wrote?
What happens if you don't have enough money in your account to cover a check you wrote?
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What is a liability in banking terms?
What is a liability in banking terms?
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What is an asset in banking terms?
What is an asset in banking terms?
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What does an ATM allow you to do?
What does an ATM allow you to do?
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What is a common task performed by banks?
What is a common task performed by banks?
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