Question 1

Which of the following companies would help to administer your will?

Accepted Answer

A) HSBC 
B) Canada Trust 
C) CIBC 
D) Ontario Educational Credit Union 
A) HSBC 
B) Canada Trust 
C) CIBC 
D) Ontario Educational Credit Union

Question 2

Which of the following is a not-for-profit depository institution that provides services only to members who have a common affiliation?

Accepted Answer

A) RBC Financial Group 
B) Scotiabank 
C) Finnish Credit Union 
D) National Mortgage Alliance 
A) RBC Financial Group 
B) Scotiabank 
C) Finnish Credit Union 
D) National Mortgage Alliance

Question 3

Which of the following is a disadvantage of using debits cards over credit cards?

Accepted Answer

A) You will not have a good record of your transactions. 
B) The higher interest rates than for credit cards. 
C) You cannot tell if your bank account will become overdrawn. 
D) The fees charged to the cardholder can become significant. 
A) You will not have a good record of your transactions. 
B) The higher interest rates than for credit cards. 
C) You cannot tell if your bank account will become overdrawn. 
D) The fees charged to the cardholder can become significant.

Question 4

Securities firms primarily sell insurance to protect individuals from adverse events.

Accepted Answer

A) True 
 B)False

Question 5

Because Sam wishes to invest in securities and has only $600 dollars available,a mutual fund would be a good option for him.

Accepted Answer

A) True 
 B)False

Question 6

A stop payment on a cheque

Accepted Answer

A) only applies when you write a cheque. 
B) can only be accomplished if the cheque has not cleared. 
C) is free if your cheque book is lost or stolen. 
D) is a regular service for most customers. 
A) only applies when you write a cheque. 
B) can only be accomplished if the cheque has not cleared. 
C) is free if your cheque book is lost or stolen. 
D) is a regular service for most customers.

Question 7

A type of cheque that is written on behalf of an individual and will be charged against a large well-known financial institution or credit card sponsor's account,but has no payee designated on the cheque is called a

Accepted Answer

A) cashier's cheque. 
B) money order. 
C) traveller's cheque. 
D) personal cheque. 
A) cashier's cheque. 
B) money order. 
C) traveller's cheque. 
D) personal cheque.

Question 8

Which of the following is a non-depository financial institution?

Accepted Answer

A) Credit union 
B) Trust company 
C) Investment dealer 
D) Caisse populaire 
A) Credit union 
B) Trust company 
C) Investment dealer 
D) Caisse populaire

Question 9

TFSAs are so flexible that you can contribute to them,withdraw the funds tax free and then replace the funds,whenever you have more savings.

Accepted Answer

A) True 
 B)False

Question 10

A 180-day GIC pays interest at six and a half percent.How much interest will you earn on $5000 if you hold it to maturity?

Accepted Answer

A) $300 
B) $160.27 
C) $325.00 
D) $162.50 
A) $300 
B) $160.27 
C) $325.00 
D) $162.50

Question 11

To join a credit union,you need to

Accepted Answer

A) have a steady job. 
B) be a member of a group. 
C) have established a good credit rating. 
D) All of the above 
A) have a steady job. 
B) be a member of a group. 
C) have established a good credit rating. 
D) All of the above

Question 12

Which of the following is the better banking option for Jane who keeps a minimum bank balance of $1000,needs liquidity and does ten transactions per month?

Accepted Answer

A) Ace Bank pays no interest,has no ABM fees but charges a $7.00 monthly account fee. 
B) Bee Bank charges a $60 annual fee for the account,pays interest at two percent on the average monthly balance,and has $1.00 ABM fees. 
C) Sea Bank charges no fees as long as the account balance remains above $1000,pays two percent interest on the average monthly balance,charges $1.00 ABM fees,and requires no minimum balance. 
D) Dee Bank requires no minimum balance,pays one percent interest on the average monthly balance,and allows 10 free ABM withdrawals a month,but charges $3 per withdrawal thereafter. 
A) Ace Bank pays no interest,has no ABM fees but charges a $7.00 monthly account fee. 
B) Bee Bank charges a $60 annual fee for the account,pays interest at two percent on the average monthly balance,and has $1.00 ABM fees. 
C) Sea Bank charges no fees as long as the account balance remains above $1000,pays two percent interest on the average monthly balance,charges $1.00 ABM fees,and requires no minimum balance. 
D) Dee Bank requires no minimum balance,pays one percent interest on the average monthly balance,and allows 10 free ABM withdrawals a month,but charges $3 per withdrawal thereafter.

Question 13

Which of the following financial institutions specialize in making personal loans to people who are perceived to have a higher risk of default?

Accepted Answer

A) Finance company 
B) Commercial bank 
C) Trust company 
D) Credit union 
A) Finance company 
B) Commercial bank 
C) Trust company 
D) Credit union

Question 14

Mutual fund investments such as a money market fund are guaranteed by the CDIC.

Accepted Answer

A) True 
 B)False

Question 15

Institutions that facilitate the purchase or sale of securities by firms or individuals by providing investment banking services and brokerage services are called

Accepted Answer

A) finance companies. 
B) investment dealers. 
C) mutual fund companies. 
D) mortgage companies. 
A) finance companies. 
B) investment dealers. 
C) mutual fund companies. 
D) mortgage companies.

Question 16

Chartered banks are the only financial institutions which offer insurance on deposits.

Accepted Answer

A) True 
 B)False

Question 17

A money market fund would be a good place to invest funds set aside for an emergency.

Accepted Answer

A) True 
 B)False

Question 18

The Canada Deposit Insurance Corporation (CDIC)insures

Accepted Answer

A) bank deposits and GICs to a specified limit. 
B) your chequing accounts for a small charge to the depositor. 
C) only guaranteed investment certificates. 
D) GICs,Canada Savings Bonds,and Canada Premium Bonds. 
A) bank deposits and GICs to a specified limit. 
B) your chequing accounts for a small charge to the depositor. 
C) only guaranteed investment certificates. 
D) GICs,Canada Savings Bonds,and Canada Premium Bonds.

Question 19

Which of the following does not guarantee payment to the payee?

Accepted Answer

A) Certified cheque 
B) Money order 
C) Traveller's cheque 
D) Personal cheque 
A) Certified cheque 
B) Money order 
C) Traveller's cheque 
D) Personal cheque

Question 20

Finance companies should be the first place you go to try to get a loan because they specialize in financing.

Accepted Answer

A) True 
 B)False

Which of the following companies would help to administer your will?

Which of the following is a not-for-profit depository institution that provides services only to members who have a common affiliation?

Which of the following is a disadvantage of using debits cards over credit cards?

Securities firms primarily sell insurance to protect individuals from adverse events.

Because Sam wishes to invest in securities and has only $600 dollars available,a mutual fund would be a good option for him.

A stop payment on a cheque

A type of cheque that is written on behalf of an individual and will be charged against a large well-known financial institution or credit card sponsor's account,but has no payee designated on the cheque is called a

Which of the following is a non-depository financial institution?

TFSAs are so flexible that you can contribute to them,withdraw the funds tax free and then replace the funds,whenever you have more savings.

A 180-day GIC pays interest at six and a half percent.How much interest will you earn on $5000 if you hold it to maturity?

To join a credit union,you need to

Which of the following is the better banking option for Jane who keeps a minimum bank balance of $1000,needs liquidity and does ten transactions per month?

Which of the following financial institutions specialize in making personal loans to people who are perceived to have a higher risk of default?

Mutual fund investments such as a money market fund are guaranteed by the CDIC.

Institutions that facilitate the purchase or sale of securities by firms or individuals by providing investment banking services and brokerage services are called

Chartered banks are the only financial institutions which offer insurance on deposits.

A money market fund would be a good place to invest funds set aside for an emergency.

The Canada Deposit Insurance Corporation (CDIC)insures

Which of the following does not guarantee payment to the payee?

Finance companies should be the first place you go to try to get a loan because they specialize in financing.

Overview of a Financial Plan

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Assessing, Managing, and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Retirement and Estate Planning - Estate Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

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Exam 5: Managing Your Financial Resources - Banking Services and Managing Your Money

Which of the following companies would help to administer your will?

Which of the following is a not-for-profit depository institution that provides services only to members who have a common affiliation?

Which of the following is a disadvantage of using debits cards over credit cards?

Securities firms primarily sell insurance to protect individuals from adverse events.

Because Sam wishes to invest in securities and has only $600 dollars available,a mutual fund would be a good option for him.

A stop payment on a cheque

A type of cheque that is written on behalf of an individual and will be charged against a large well-known financial institution or credit card sponsor's account,but has no payee designated on the cheque is called a

Which of the following is a non-depository financial institution?

TFSAs are so flexible that you can contribute to them,withdraw the funds tax free and then replace the funds,whenever you have more savings.

A 180-day GIC pays interest at six and a half percent.How much interest will you earn on $5000 if you hold it to maturity?

To join a credit union,you need to

Which of the following is the better banking option for Jane who keeps a minimum bank balance of $1000,needs liquidity and does ten transactions per month?

Which of the following financial institutions specialize in making personal loans to people who are perceived to have a higher risk of default?

Mutual fund investments such as a money market fund are guaranteed by the CDIC.

Institutions that facilitate the purchase or sale of securities by firms or individuals by providing investment banking services and brokerage services are called

Chartered banks are the only financial institutions which offer insurance on deposits.

A money market fund would be a good place to invest funds set aside for an emergency.

The Canada Deposit Insurance Corporation (CDIC)insures

Which of the following does not guarantee payment to the payee?

Finance companies should be the first place you go to try to get a loan because they specialize in financing.

Overview of a Financial Plan

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Assessing, Managing, and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Retirement and Estate Planning - Estate Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

Filters