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1) Toyota Financial Services Canada will give you a loan to buy a car (if you qualify for financing.) A bank will give y...

1) Toyota Financial Services Canada will give you a loan to buy a car (if you qualify for financing.) A bank will give you a loan for a car (or a number of other purchases) if you qualify. Does that mean that Toyota Financial Services Canada is a bank? Explain.

2)Many college campuses use student ID cards as a way for students to pay for on-campus expenses, such as books, photocopies, and food. For convenience, some students will maintain a balance on their ID cards. Are these balances on student ID cards money? Analysis problems.

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Answer #1

1) As per the definition of a bank , it is a financial institution that has a license to receive deposits and also to make loans . Primarily a bank accepts deposits from the public for the purpose of lending or investment but the deposits are repayable on demand or can be withdrawn by cheques or other means . A bank also provides other financial services like asset management etc . So by just providing car loans Toyota Financial Services does not qualify as a bank .

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