Money
Currency that a country states must be accepted as a form of payment
What is Legal Tender
A basket of 600 commonly purchased goods by Canadians that is used as a tool measure inflation
What is the Consumer Price Index
All Canadian Banks need a _____ from the Gov't
What is a Charter?
What is PIN
Money that is removed from your account automatically each month to pay bills such as a car payment or mortgage payment (You set this up by giving the person taking the money out a VOID Cheque)
What is a Preauthorized Bill Payment
What is Minting
This Type of Income is before any deductions
What is Gross Income
A non profit financial institution that provides banking services and is owned by its members
What is a Credit Union or Caisse Populaire
An bank account you share with someone else
What is a Joint Account
Money you get from the bank in a lump sum and then pay back
What is a Loan
The process of making fake currency
What is Counterfeiting
According to your text this type of Income is fore spending on fun items after necessities have been paid for
What is Discretionary (careful not to confues with Disposiable which is after deductions)
This type of financial institution is one you pay to protect you against loss
What is an Insurance Company
This type of account is used for daily banking - paying bills, using your debit card, sending e transfers etc.
Chequing Account
You set this up at your Fin. Institution ahead of time it is a loan that is always available to you up to a pre set amount. You can access as little or as much as you want up to the limit
What is a Line of Credit.
Your money becomes less valuable each year as a result of
What is Inflation
What are
CPP - Canada Pension Plan (Retirement Money)
EI - Employment Insurance (Job Loss, Matt Leave)
Income Tax - (Roads, Schools etc.)
This Bank sets interest rates for the country and monitors the Canadian dollar currency level and inflation rate
Who is the Bank of Canada
If you want to give someone a cheque so they can use the financial institution/account numbers on the bottom but don't want them to be able to use the cheque you need to _____ it.
What is VOID it.
A feature of a Chequeing account that lets you spend a bit more than you have in your account for a penalty fee.
Name 3 security features found on Canadian Polymer Bank Notes
What are
Raised Numbers, Shoulders and Bank du Canada
Clear Window with Intertwined Leaf
Window Leaf / Hidden Numbers with Light Source
Metallic Face / Parliament
Describe 2 ways you could pay your employees?
What is:
Hourly
Salary
Piecework
Commission
This is the interest rate that the large Canadian Banks use to base their lending rates on
What is the Prime Rate
Money that is placed into your bank account on your behalf usually from your employer is known as ________ in the banking world
What is Direct Deposit
This is a guaranteed cheque. They remove the money from your account and hold it in trust for the person to cash the cheque.
What is a Money Order or Bank Draft