In this article, you will learn how to convert normal question banks and questions from classic quizzes into Item Banks, which are needed for "New" Quizzes in Canvas
Table of Contents:
Convert Questions into an Item Bank
Step 1: Create Temporary Classic Quiz
Navigate to the "Quizzes" section in your Canvas course

Select "New Quiz" and choose Classic Quiz

Name the quiz anything you like, but make sure that you denote that it is temporary.
Go to the "Questions" tab and select "Find Questions"

Within "Find Questions", select all the question(s) or question bank(s) that you want to convert to an item bank, and click "Add Questions". Make sure to click save at the bottom of the page.
Step 2: Save Questions to a File
Navigate to the "Settings" of your course. It is typically at the bottom of the list of navigation options
Within settings, click "Export Course Content"

Under Export Type, choose "Quiz" and select the temporary quiz you just created. You may have to scroll to locate it
Export the quiz and wait. Once completed, there will be a message saying Your content has been exported
Refresh the page and download the file by clicking the link as shown below:

The file will go to your downloads folder.
Step 3: Create an Item Bank
Locate "Item Banks" from the list of options where you found Quizzes and Settings.
Create a new Item Bank with the blue button in the top right hand corner of the screen.
Name your item bank, share it to your course, and hit 'Create Bank'

Select the item bank that you just created, and click the three vertical dots at the top right hand corner of the screen.
The only option will be to import content. Select import content.
Drag and drop the file from your downloads.

Wait until the file finishes uploading, and you are done! Note: you may want to delete your temporary quiz from your "Quizzes" section.