Interest, Deposit, and Withdrawal Concepts

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12 Questions

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

Canadian ownership vs. foreign ownership

Which type of bank account is suitable for everyday spending?

Checking account

What information is NOT required to open a bank account?

Credit score

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

Reputation for not paying debts

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

Branching in Canada with more restrictions

Which numbering system is NOT associated with writing a check?

Social Insurance Number (SIN)

What is interest?

Extra money paid by you when you take out a loan

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

What is a liability in banking terms?

When you have debt or interest, meaning you owe money

What is an asset in banking terms?

When the bank gives you money (interest)

What does an ATM allow you to do?

Withdraw money from your account

What is a common task performed by banks?

Helping manage your money in return for more money

Learn about interest, deposit, and withdrawal concepts in banking. Understand how interest works whether you are taking out a loan or depositing money, and the difference between depositing and withdrawing real-life money from your bank account.

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