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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

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?

Checking account (correct)

Business account

Savings account

Investment account

What information is NOT required to open a bank account?

SIN number

Phone number/email

Credit score (correct)

Which factor can negatively impact your ability to get a loan?

Reputation for not paying debts Signup and view all the answers

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

Branching in Canada with more restrictions Signup and view all the answers

Which numbering system is NOT associated with writing a check?

Social Insurance Number (SIN) Signup and view all the answers

What is interest?

Extra money paid by you when you take out a loan Signup and view all the answers

What happens if you don't have enough money in your account to cover a check you wrote?

The check will not be given to the person and you will get a fee Signup and view all the answers

What is a liability in banking terms?

When you have debt or interest, meaning you owe money Signup and view all the answers

What is an asset in banking terms?

When the bank gives you money (interest) Signup and view all the answers

What does an ATM allow you to do?

Withdraw money from your account Signup and view all the answers

What is a common task performed by banks?

Helping manage your money in return for more money Signup and view all the answers