Bcu Product Knowledge Quiz #4
13 Questions
| Total Attempts: 179
Saving and Investing Accounts
Questions and Answers
- 1.This savings account: pays interst at tiered rates, calculates interest daily but pays it monthly, provides two free transacations per month without a monthly fee and charges 75 cents for any transaction therafter. (Which one of the acounts listed below is it?)
- A.
Tax Free Savings Account
- B.
Youth Savings
- C.
Your Savings
- D.
Your HISA
- 2.True or False: none of the following savings accounts are covered by CUDIC'S deposit insurance: equity shares issued by a credit union, self-administered RRSPs that are mutual funds, securities held for safekeeping, and accounts in foreign currency.
- A.
True
- B.
False
- 3.Your ___________ account builds as you make annual deposits based on a percentage of your Allowable Net Sales (ANS) and receive matching contributions from the government.
- 4.True or False: All of the following are types of RRSPs: Individual RRSP (registered to contributor), Spousal RRSP (registered to your spouse, but your contributions do not affect the contribution limits of the spouse), Group RRSP (collection of individual RRSPs offered to employees by an employer), Self-Directed RRSP (self-managed RRSP portfolio).
- A.
True
- B.
False
- 5.True or False: Your allowable RRSP contribution for the current year is the lower of: 1) 12% of your earned income from the previous year OR 2) the maximum contribution limit for the taxation year.
- A.
True
- B.
False
- 6.The difference between a TFSA and an RRSP is that (select all that apply).
- A.
The have different contribution limits
- B.
They have different maturity limits (RRSP matures at age 71)
- C.
RRSP reduces your taxable income (TFSA does not)
- D.
RRSP will impact your eligabiltiy for government benefits (TFSA does not) such as child tax, old age security, and GIS
- E.
Amount withdrawn from TFSA is not added to your taxable income, but is with RRSP
- 7.True or False: The YOUR Everything Account has all of the same features regardless of whether you are 18 and younger or 19 to 24 - except that: the $3 monthly fee starts at 19 and you can not get a master card until you are 19 (but you can get a global payments card before that with your parents permission).
- A.
True
- B.
False
- 8.Where can a member find their RRSP contribution room?
- 9.True or False: Your TFSA contribution room is found on your notice of assessment.
- A.
True
- B.
False
- 10.Does unused contribution room carry forward to future years for RRSPs?
- A.
YES
- B.
NO
- 11.How old do our members need to be to have a TFSA
- 12.This savings account: pays interst at tiered rates, calculates interest daily but pays it monthly, provides free online and telephone transfers, is perfect for people who want to park their money while they decide if they will lock it in and or decide on a new purchase. (Which one of the acounts listed below is it?)
- A.
Tax Free Savings Account
- B.
Youth Savings
- C.
Your Savings
- D.
Your HISA
- 13.For Term Deposits, a minimum deposit of $________ is required (except for students).
Back to top