In Canada,mortgage Lenders Are ________ Against Default by Government Agencies

question 53

Multiple Choice

In Canada,mortgage lenders are ________ against default by government agencies such as ________.

• A) insured; the Canada Mortgage and Housing Corporation
• B) not insured; the Canada Mortgage and Housing Corporation
• C) insured; the Canada Credit Bureau
• D) insured; the Bank of Canada

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Definitions:

Equipment

Tangible assets used in operations, such as machinery, computers, and furniture, which are expected to be used over several years.

Note Payable

A written promise to pay a specific sum of money on a future date or dates, typically with interest.

Journal Entry

A record in accounting that notes the debit and credit effects of a financial transaction.

Truck Purchase

The acquisition of a truck, which is a capital investment and may be classified as a fixed asset on the balance sheet.