Unit Banking Means

question 80

Multiple Choice

Unit banking means:

• A)a bank may have only one full-service office
• B)the bank is owned by a unit trust
• C)all branch offices are controlled by a central unit
• D)none of the above

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Definitions:

Compounded Monthly

Describes the process where interest is calculated and added to the principal amount of an investment or loan on a monthly basis.

Compounded Semi-annually

Refers to the process where interest is calculated and added to the principal sum of a deposit or loan twice a year.

Compounded Monthly

A method of calculating interest where the accrued interest is added to the principal sum each month, so that each successive calculation includes interest on the interest.

RRSP

A Registered Retirement Savings Plan, which is a retirement savings and investing tool for employees and the self-employed in Canada.