A type of account in a financial institution used to deposit money needed for everyday use, such as paying bills rather than for savings.
What is a transaction account
100
Name the process and the type of cheque when writing a cheque for more money than you have in your bank account.
What is an overdraft, and a NSF cheque.
100
A computerized system of electronic deposits and withdrawals.
What is the electronic finds transfer system (EFTS)
100
A loan that is usually interest free until six months after graduation.
What is a student loan.
100
The original amount of money deposited or borrowed.
What is a Principal
200
A fee charged for a service provided; a processing fee.
What is a service charge.
200
A cheque specific for travelling.
What is a traveller's cheque.
200
Another name for a bank card that allows customers to access their accounts electronically at ABMs or at retailers using the Interac direct payment service.
What is a debit card
200
The three basic types of credit cards.
What are bank issued credit cards, cards issued by travel and entertainment companies, charge cards issued by retailers.
200
" " = Principal x Interest Rate x Time
What is the formula for simple interest.
300
A monthly record of of all transactions in a bank.
What is an account statement
300
A money order issued by a financial institution for a large amount.
What is a draft.
300
A service that allows customers to conduct banking activities from their personal computers through their financial institution's web site.
What is online banking
300
a short term loan with flexible terms of repayment
What is a demand loan.
300
A person's ability to take on and repay debt.
What is credit worthiness
400
A form of borrowing in which the borrower agrees to make fixed payments over a set period of time.
What is term loan
400
A business takes regular and automatic withdrawals from your bank account.
What is preauthorized debit.
400
The sending and paying of bills over the internet.
What is electronic bill presentment
400
Something ideal for making expensive purchases.
What is a Installment Sales Credit.
400
The three C's of credit.
What is character, capacity, and capital
500
A form of borrowing that allows access to credit up to a maximum amount agreed on between the borrower and the financial institution.
What is line of credit
500
A one time loan that has been arranged with a bank.
What is a line of credit.
500
A method of paying for goods and serviced electronically that uses customers' banking cards to immediately and directly transfer funds from their bank accounts to those of merchants or other service providers.
What is the Interac Direct Payment (IDP)
500
An alternative to charge accounts, credit cards/ installment sales credit.
What is a customer loan.
500
A business that gathers credit information on borrowers.