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Canadian Business Law Today

Business

Quiz 11 :

Banking, Creditors Rights, and Bankruptcy

Quiz 11 :

Banking, Creditors Rights, and Bankruptcy

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The federal government has enacted a mandatory "Code of Conduct for the Credit and Debit Card Industry in Canada."
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True False
Answer:

Answer:

False

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Only federally chartered Canadian banks are considered financial institutions.
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True False
Answer:

Answer:

False

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The law governing negotiable instruments is the Bills of Exchange Act.
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True False
Answer:

Answer:

True

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Credit and debit cards are bills of exchange.
True False
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The federal government has enacted a voluntary "Code of Conduct for the Credit and Debit Card Industry in Canada."
True False
Answer:
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Electronic commercial transactions allow for a cashless business.
True False
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Trust companies, credits, and insurance companies are considered financial institutions.
True False
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Every business needs a relationship with a financial institution.
True False
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Equity financing is accomplished by selling shares in a company.
True False
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Debt financing is borrowing the money for a period of time and repaying the original amount plus interest at the end of the term.
True False
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Credit and debit cards are "payment cards" as defined in the Payment Card Networks Act.
True False
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It may be less expensive for a business to accept cash over a credit card.
True False
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The federal Bills of Exchange Act does not govern the use of credit and debit cards in Canada.
True False
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The business and financial institution have their relationship set out in an account agreement.
True False
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Trust companies, credits, and insurance companies are not considered financial institutions.
True False
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Payday loan companies are registered financial institutions.
True False
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The federal Bank Act regulates all federally chartered Canadian and foreign subsidiary banks.
True False
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A business can borrow money by entering into a loan agreement.
True False
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Equity financing is borrowing the money for a period of time and repaying the original amount plus interest at the end of the term.
True False
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A cheque is a bill of exchange drawn against a bank and payable on demand.
True False
Answer:
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