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

Since rates and fees differ only slightly between all national banks,there is little need to consider these when choosing your financial institution.

Jeff put $50 into a chequing account with a balance of $600.He then withdrew funds using the ABM machine 14 times that month at a cost of $1.50 per withdrawal and wrote 12 cheques at a cost of $0.50 each.The account also has a monthly charge of five dollars.What are the total bank charges for the month?

If you were accepting $22 000 payment for selling your car to a stranger,which form of payment should you request?

Fred's after tax income is $3600 a month and his expenses are generally $3600 as well.Last month he had a car accident which resulted in a $2000 unexpected expense due to the deductible on his insurance and he covered that expense with his credit card.What is the best way to describe his situation?

A good investment for Emma's emergency fund would be a five-year cashable term deposit.

Which of the following is a depository institution?

Which of the following would normally offer the best rate of return?

To get the better rate on an emergency fund investment you should invest in a

There is no real difference between a chequing account and a savings account at the same bank.

Because online banking offers great convenience to customers,banks tend to charge a fee for each transaction performed online.

If you have $10 000 that you do not expect to need for expenses in the next few years and you wish to put it somewhere so that it will earn a return,which of the following financial institutions would be the best option?

Certified cheques,money orders,and traveller's cheques lower risk for the payee.

Your chartered bank is offering a one-year GIC with an interest rate of two percent,and a one-year cashable GIC at one and a half percent.Canada Savings Bonds (CSB)are paying one percent.You have $10 000 to invest of which you feel $5000 is ample for emergency fund purposes.How should you invest your funds given the scenario above?

Kelly deposits $1000 in a three year GIC with four percent interest compounded annually.How much interest would she earn by maturity?

The key feature that makes Canada Premium Bonds better than Canada Savings Bonds is

You have $5000 saved which you may need for home repairs at any time in the next few years.If you did need the funds,you would have a week's notice to access the funds.Which of the following would likely give you the best return for your $5000?

Which of the following is a Schedule II chartered bank?

In planning a money management strategy,which of the following is most important?

Credit unions focus on providing credit to members.

Which of the following accounts would normally give you higher interest combined with access to your funds with a few days' notice?