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Banking Account Types Quiz

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Questions and Answers

What is the main difference between a current account and a savings account?

A current account is used for business transactions while a savings account is for personal use. (correct)

A current account earns interest while a savings account does not.

A current account has a specified maximum negative balance while a savings account does not.

A current account allows unlimited withdrawals while a savings account has restrictions.

What does it mean to be 'in the red'?

Being solvent

Accumulating money

Losing money or being in debt (correct)

Having a positive balance in the bank account

What is the purpose of a mortgage loan?

To transfer funds between bank accounts

To fund personal expenses

To accumulate money

To raise funds to buy real estate (correct)

What happens when a loan defaults?

The loan is sent to a debt collection agency Signup and view all the answers

What is a fixed interest rate loan?

A loan with a constant interest rate during the fixed rate period Signup and view all the answers

What is the main purpose of contacting your lender if you can't make payments on time?

To explore restructuring loan terms Signup and view all the answers

What does 'accrue' mean in the context of the text?

To accumulate or grow Signup and view all the answers

What is the definition of arrears as mentioned in the text?

The part of a debt that is overdue after missing required payments Signup and view all the answers

How is a credit card receipt defined?

Proof of payment with a credit card transaction Signup and view all the answers

What is the key purpose of a debit card as described in the text?

To replace cash for purchases Signup and view all the answers