Test

Question 1

Savings

Answer 1

Accounts designed for saving money while earning interest. Examples: Momentum PLUS Savings Account, Savings Accelerator Account.

Question 2

Chequing

Answer 2

Everyday accounts for daily transactions, including depositing funds, paying bills, and debit purchases.
Examples: Preferred Package, Ultimate Package, Basic Banking Account.

Question 3

Business Account

Answer 3

Chequing and savings accounts tailored for businesses with features like payroll services and cash management.

Question 4

Personal Loans

Answer 4

Unsecured loans for personal expenses like home improvements or debt consolidation. Flexible terms and payment schedules.

Question 5

Mortgages

Answer 5

Loans for purchasing or refinancing a home, typically repaid over a long term.
Examples: Fixed-rate, variable-rate, and hybrid mortgages.

Question 6

Lines of Credit

Answer 6

Pre-approved credit limits that customers can borrow from as needed.
Examples: ScotiaLine Personal Line of Credit.

Question 7

GICs

Answer 7

Fixed-term investments offering a guaranteed return of the principal plus interest.
Offered in various terms (short-term to 5+ years).

Question 8

Mutual Funds

Answer 8

Fixed-term investments offering a guaranteed return of the principal plus interest.
Offered in various terms (short-term to 5+ years).

Question 9

RRSPs

Answer 9

(Registered Retirement Savings Plans) Accounts that allow Canadians to save for retirement while deferring taxes on contributions.

Question 10

TFSA

Answer 10

(Tax-Free Savings Accounts) Savings or investment accounts where interest, dividends, and capital gains grow tax-free.

Question 11

Fixed vs Variable Interest

Question 12

Compounding interest

Question 13

RESPs

Answer 13

(Registered Education Savings Plans) Accounts designed to help parents save for their children’s post-secondary education.

Question 14

Small Business Loans

Answer 14

Financing solutions for startups and growing businesses.
Examples: Term loans, working capital loans.

Question 15

Merchant Services

Answer 15

Payment processing services for businesses to accept credit and debit card payments.

Question 16

Mutual Funds

Answer 16

Pooled investment funds managed by professionals.

Question 17

Portfolio Solutions

Answer 17

Ready-made diversified investment portfolios tailored to different risk levels.

Question 18

Stocks, Bonds, and ETFs

Answer 18

Individual securities customers can purchase for portfolio growth or income.

Question 19

Life Insurance

Answer 19

Coverage providing financial support to beneficiaries in case of the policyholder’s death.

Question 20

Travel Insurance

Answer 20

Coverage for medical emergencies, trip cancellations, and lost baggage while traveling.

Question 21

Mortgage Protection Insurance

Answer 21

Insurance to cover mortgage payments in the event of disability, job loss, or death.

Question 22

Scene+ Loyalty Program

Answer 22

A rewards program allows customers to earn points on everyday purchases, redeemable for travel, dining, or merchandise.

Question 23

Overdraft Protection

Answer 23

A service allowing customers to cover transactions when their account balance is insufficient.

Question 24

Bank Drafts

Answer 24

Secured payment instrumeny issued by bank, guarenteeing payment because funds are withdrawn from customer until the draft is cashed or deposited.

Question 25

Certified Cheques

Question 26

Wire Transfer

Answer 26

Electronic transfers between banks. Secured and fast used for large or urgent payments. The sender needs the recipient's name, account number, bank name, and SWIFT code.

Question 27

Credit Score

Question 28

Cashback Cards

Answer 28

Earn cash on eligible purchases (e.g., Scotiabank Momentum Visa).

Question 29

Travel Rewards

Answer 29

Earn points for travel or other experiences (e.g., Scotiabank Gold American Express).

Question 30

Low-Interest Cards

Answer 30

For balance transfers or interest savings (e.g., Scotia Value Visa).

Question 31

Home equity lines of credit (HELOC)