Banks, Credit Unions and their Services Part 1 Quiz

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Banks, Credit Unions and their Services Part 1 Quiz
You'll need to correctly answer at least 7 of the 13 questions below (at least 50%) to progress to the next unit.
Question #1: Banks and Credit Unions are types of Financial Institutions.
Question #2: One credit union is the Creative Arts Savings & Credit Union (Creative Arts), which caters to the specific needs of professional entertainment workers such as ACTRA, NABET, IATSE, DGC, WGC members and their families.
Question #3: Which financial institution is best represented by the following statement: This is a not-for-profit organization, whose primary commitment is to serve their members’ financial needs.
Question #4: Which financial institution is best represented by the following statement: It is federally regulated by the Bank Act.
Question #5: Which financial institution is best represented by the following statement: It is owned by its shareholders, with its shares sold on the stock market.
Question #6: Which financial institution is best represented by the following statement: You must buy a share and become a member first to open an account here.
Question #7: Which financial institution is best represented by the following statement: The deposit insurance for accounts here are backed by the Canada Deposit Insurance Corporation (CDIC).
Question #8: A savings account is used for everyday banking and bill paying.
Question #9: You may not earn any interest with a chequing account.
Question #10: A savings account can be used to set money aside for short to medium-term savings.
Question #11: Which of the following account services do banks and credit unions usually not offer?
Question #12: Which of the following services do banks and credit unions usually offer?
Question #13: It's not worth shopping around and comparing the different account options at banks and credit unions since all financial institutions are generally the same.
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