Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

FLC Practice > Banking > Flashcards

Banking Flashcards

1
Q

What is an overdraft

A

when your account doesn’t have enough money, but the bank allows it anyway

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Stale-dated cheque

A

a cheque that was dated more than 6 months ago

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does CDIC stand for and what does it do?

A

Canada Deposit Insurance Corporation, and is a Crown corporation that provides deposit insurance, and protects up to $100,000.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is Deposit insurance

A

Insurance designed to limit the loss of depositors in the event of bank failure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a Drawee

A

Maker of a bill or a cheque

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Give an example of a drawee

A

Bank (TD, RBC, BMO)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Drawer

A

Person using cheque

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Give an example of a drawer

A

Cashing a pay cheque

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the monetary policy

A

is the inflation-control target, and the flexible exchange rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Line of credit

A

A type of loan that lets you borrow money up to a preset limit determined by your credit score.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are bank notes

A

Form of legal tender made from synthetic polymer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the Canadian Royal mint responsible for

A

responsible for the production and distribution of all of Canada’s circulation coins

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Where is the CRM located

A

Located in Ottawa and Winnipeg

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is Reconciling

A

Process of making sure that an individual balance in a transaction agrees with the information provided on a bank statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a Credit Union

A

Pretty much a bank but non-profit, owned by its members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Who is the President of the Bank of Canada

A

Tiff Macklem

17
Q

What is a PIN

A

The confidential electronic signature that is similar to the signature on a signature card is known by the abbreviation

18
Q

What is the purpose of the bank of Canada

A

Helps to control the money supply and interest rates.

19
Q

What is kiting?

A

The fraudulent writing or use of a check, bill, or receipt

20
Q

What is Commission

A

a service fee charged by a broker or financial professional for the facilitation of a financial asset’s purchase or sale.

FLC Practice (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions