13 Questions
What is the main purpose of a chequing account?
Managing daily transactions like deposits and withdrawals
Which bank account is designed for storing money not intended for daily expenses?
Savings Account
What is the main function of e-transfer (Electronic Funds Transfer)?
Transferring money from one bank account to another digitally
Which feature of online banking allows users to pay bills electronically from a bank account?
Bill Payment
What is a mortgage?
A loan for purchasing real estate, with the property acting as collateral
What does the amortization period refer to?
The total length of time it takes to pay off a mortgage in full, including interest
What is a down payment?
An initial payment made when purchasing an item, like a home, with the remainder financed
What does the term 'principal' refer to in a loan context?
The original sum of money borrowed in a loan or the remaining balance not yet repaid
What is the purpose of a debit card?
To make purchases using funds directly from a consumer's checking account
What is direct deposit commonly used for?
To deposit funds directly into a bank account, commonly used for payroll
What does pre-authorized payment involve?
Setting up automatic payments to regularly transfer funds to pay recurring bills
What does an account summary provide?
A detailed record of all banking activity and account balances
What does it mean to transfer funds?
Moving money electronically from one account to another, within the same bank or between different banks
Test your knowledge about different types of bank accounts, including chequing and savings accounts. Learn the features and uses of each type of account.
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