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Questions and Answers
What is the main difference between a current account and a savings account?
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'?
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?
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?
What happens when a loan defaults?
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What is a fixed interest rate loan?
What is a fixed interest rate loan?
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What is the main purpose of contacting your lender if you can't make payments on time?
What is the main purpose of contacting your lender if you can't make payments on time?
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What does 'accrue' mean in the context of the text?
What does 'accrue' mean in the context of the text?
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What is the definition of arrears as mentioned in the text?
What is the definition of arrears as mentioned in the text?
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How is a credit card receipt defined?
How is a credit card receipt defined?
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What is the key purpose of a debit card as described in the text?
What is the key purpose of a debit card as described in the text?
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