10 Questions
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.
What does it mean to be 'in the red'?
Losing money or being in debt
What is the purpose of a mortgage loan?
To raise funds to buy real estate
What happens when a loan defaults?
The loan is sent to a debt collection agency
What is a fixed interest rate loan?
A loan with a constant interest rate during the fixed rate period
What is the main purpose of contacting your lender if you can't make payments on time?
To explore restructuring loan terms
What does 'accrue' mean in the context of the text?
To accumulate or grow
What is the definition of arrears as mentioned in the text?
The part of a debt that is overdue after missing required payments
How is a credit card receipt defined?
Proof of payment with a credit card transaction
What is the key purpose of a debit card as described in the text?
To replace cash for purchases
Test your knowledge on various types of bank accounts including current accounts, savings accounts, and business accounts. Learn about the features and differences between these account types.
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