41. Which type of deposit account may require a higher minimum deposit to open?
a) Checking account
b) Savings account
c) Money market account
d) Certificate of deposit
42. What is the term used for the fee charged by a bank for holding a deposit account?
a) Annual fee
b) Maintenance fee
c) Transaction fee
d) Overdraft fee
43. Which government agency regulates and supervises banks in Canada?
a) Bank of Canada
b) Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
c) Canada Deposit Insurance Corporation (CDIC)
d) Office of the Superintendent of Financial Institutions (OSFI)
44. Which type of bank account is primarily used for international trade and foreign currency transactions?
a) Savings account
b) Current account
c) Money market account
d) Foreign currency account
45. Which of the following is not a benefit of using direct deposit for receiving payments?
a) Faster access to funds
b) Reduced risk of lost or stolen cheques
c) Lower interest rates on deposits
d) Automatic deposit into designated account
