Banks, Credit Unions and their Services Part 2 Quiz

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Banks, Credit Unions and their Services Part 2 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: Simple Interest is more advantageous to you than Compound Interest when you’re the one being paid interest.
Question #2: Interest is paid on a percentage of the money in your account, and is usually based on a yearly rate.
Question #3: In what type of situation will the bank also pay interest on the interest you earned in previous years?
Question #4: Imagine that an account pays Compound Interest at a yearly rate of 5%, and that at the start of each year you deposit $100 in that account. Excluding interest, how much money will you have saved at the end of three years?
Question #5: Imagine that an account pays Compound Interest at a yearly rate of 5%, and that at the start of each year you deposit $100 into that account. How much interest will be paid to you at the end of three years?
Question #6: Government bonds in Canada are very risky.
Question #7: When you invest in a bond, you are paid interest on it over a period of time called a term. When the term is over, you also get all of your money back.
Question #8: The Canada Learning Bond is a government benefit for Canadian families of all different income levels.
Question #9: What does GIC stand for?
Question #10: When investing in a GIC, you should make sure the GIC matures before you need the money. This is because you cannot withdraw your money from the GIC before its term ends without losing the interest paid on it.
Question #11: Which is best described by the following statement: This is a type of investing tool. You invest your money, along with many other investors, into a “pooled” fund. The fund’s manager buys a range of things such as stocks and bonds.
Question #12: Which is best described by the following statement: This is a way of saving and investing money without having to pay tax on the interest you earn.
Question #13: Which is best described by the following statement: This is a way of saving on taxes while you save for retirement. When you put money into this, you can invest it as you choose, in savings accounts, GICs, stocks, and so on.
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