An Ape Hates Grape Cakes
The prime rate in Canada is?
A.4.95%
B.5.63%
C.3.83%
D.4.58%
What is...
A. 4.95%
The payee on a cheque is?
What is... the person or business to whom the cheque is written to
True or False?
Businesses use combination accounts.
What is... False
True or False... A money order or draft is a form of guaranteed payment.
What is...True
True or False...Account statements show all deposits, withdrawals, transfers of money, service charges, and any interest earned on the account.
What is...True
This is a form of borrowing that allows consumers to gain instant access to credit.
What is... a Line of Credit
True or False... A current account is when it has both chequing and savings capabilities.
What is...False
Straight transaction accounts usually do not pay ________ ?
What is... Interest
What are some of the security features on a cheque?
a) special coded characters b) special ink
c) water marks and fibre d) all of the above
What is...D) ALL of the above
This type of box can only be opened when your key and the bank key is used at the same time for security reasons.
What is....a Safety Deposit Box
Which of the following Trust Companies are included in the “Big 5”?
A. BMO, AMEX, ING, Capital One & HSBC
B. CIBC, BMO, TD, RBC & ScotiaBank
C. BMO, TD, ING, RBC & CIBC
D. None of the above
What is... B) CIBC, BMO, TD, RBC & ScotiaBank
On a cheque, what is the DRAWER referring to?
What is... the person or business from whose chequing account the money will be taken from.
Which financial service gives you instant access to your money and eliminates any holds on cheques?
What is... Direct Deposits
This account allows people to pay for goods and services using cash, cheques or debit.
What is... a Transaction Account
What does MICR stand for?
What is... Magnetic Ink Character Recognition
This occurs when the transaction register and monthly statement are compared and matched to ensure they agree.
What is... Reconciliation
True or False...
The first established bank was the Bank of Montreal
What is... True
True or False...
Most bank revenue in Canada comes from interest charged on loaned money.
What is... True
True or False...
Branch banking means all services are only offered at one main bank location.
What is... False
What is it called when for a fee, depositors can have this protection when a cheque is written for more than the funds in the account.
What is... Overdraft Protection
This is the year that the Bank of Montreal was established.
What is... 1817
Banks earn profits by selling services and earning profit on them, they invest a portion of money that people or business deposit with them as well as _________________________.
What is...charging interest on loans
The chartered banks can call themselves "banks" because they operate under the _____________.
What is....the Bank Act
All of the money that is in circulation is called the ________________.
What is... the Money Supply
What is... 1871