Gr 10 Math Lit: Ch 4.5 Banking, Loans, Investments

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What is the term for the amount of money in an account at the beginning of a period?

Account Balance

Closing Balance

Opening Balance (correct)

Transaction Balance

What type of transaction involves depositing money into an account?

Debit Transaction

Withdrawal Transaction

Bank Fee Transaction

Credit Transaction (correct)

What is the purpose of a monthly fee charged by banks?

To keep the account open (correct)

To increase the account balance

To earn interest on the account

To reduce transaction fees

How can transaction fees be reduced?

By choosing the most appropriate bank account and adjusting banking habits Signup and view all the answers

What is the formula for calculating total bank fees?

Total Bank Fees = Monthly Maintenance Fee + Self-Service Banking Fee + Cash Deposit Fee + Withdrawal Fee + Balance Inquiry Fee + Other Transaction Fees Signup and view all the answers

What is the term for the fee charged by banks for each withdrawal or deposit?

Transaction Fee Signup and view all the answers

What is the formula for calculating the bank fee for a withdrawal?

Bank Fee = Initial Fee + (Additional Fee × Number of Additional Units) Signup and view all the answers

What is the term for the person whose name the account is in?

Account Holder Signup and view all the answers

What type of bank account earns interest but does not have an overdraft facility?

Savings Account Signup and view all the answers

What is the primary purpose of a Fixed Deposit Account?

For long-term investments Signup and view all the answers

What document is typically required to open a bank account?

Identity document or passport Signup and view all the answers

What information is shown on a bank statement for each transaction?

Date of transaction, description, and amount Signup and view all the answers

What type of bank account allows the account holder to purchase items now and pay for them later?

Credit Account Signup and view all the answers

What is the primary difference between a Credit Account and a Debit Account?

Credit account offers credit, while debit account deducts from the account Signup and view all the answers

How often are bank statements typically sent to the account holder?

Monthly Signup and view all the answers

What information is required by FICA to open a bank account?

Identity document, proof of residence, and proof of income Signup and view all the answers

What is the main difference between a Cheque or Current Account and a Savings Account?

One has an overdraft facility, while the other does not. Signup and view all the answers

What is the purpose of a Fixed Deposit Account?

For long-term savings with a fixed interest rate. Signup and view all the answers

What is required by FICA when opening a bank account?

Identity document, proof of residence, and proof of income. Signup and view all the answers

What is shown on a bank statement for each transaction?

The date, description, and amount of the transaction. Signup and view all the answers

What is the main feature of a Credit Account?

It allows for purchases on credit. Signup and view all the answers

What is the main difference between a Debit Account and a Cheque or Current Account?

One deducts money directly from the account, while the other does not. Signup and view all the answers

Why is proof of residence required when opening a bank account?

To verify the account holder's address. Signup and view all the answers

What is the typical frequency of bank statements sent to the account holder?

Monthly. Signup and view all the answers

What is the main purpose of a bank account's monthly fee?

To keep the account open Signup and view all the answers

How do transaction fees vary?

Depending on the type of account Signup and view all the answers

What is the effect of choosing the most appropriate bank account for your needs?

Reduced transaction fees Signup and view all the answers

What is included in the calculation of total bank fees?

Several types of fees, including the monthly maintenance fee, self-service banking fee, and others Signup and view all the answers

What is the purpose of a bank account's opening balance?

To show the amount of money in the account at the beginning of the period Signup and view all the answers

What is the result of exceeding the allowed number of free withdrawals, deposits, and balance inquiries?

Increased transaction fees Signup and view all the answers

What is the formula for calculating the total bank fees?

Total Bank Fees = Monthly Maintenance Fee + Self-Service Banking Fee + Cash Deposit Fee + Withdrawal Fee + Balance Inquiry Fee + Other Transaction Fees Signup and view all the answers

What type of transaction involves paying money out of an account?

Debit transaction Signup and view all the answers

What is the primary purpose of a Cheque or Current Account?

To deposit and withdraw money through various channels Signup and view all the answers

Which type of bank account typically has an overdraft facility?

Cheque or Current Account Signup and view all the answers

What is the primary difference between a bank account and an investment?

The purpose of the account Signup and view all the answers

Why is proof of income required when opening a bank account?

To comply with FICA regulations Signup and view all the answers

What is the primary advantage of a Fixed Deposit Account?

The high interest rate earned over a fixed period Signup and view all the answers

What is shown on a bank statement for each transaction?

The transaction date, description, and amount Signup and view all the answers

What is the primary purpose of a Savings Account?

To save money for short-term goals Signup and view all the answers

What is required to open a bank account?

An identity document, proof of residence, and proof of income Signup and view all the answers

What is the primary purpose of a bank account's monthly maintenance fee?

To cover the costs of providing banking services Signup and view all the answers

Which of the following is NOT a factor in calculating total bank fees?

Account holder's age Signup and view all the answers

What is the effect of exceeding the allowed number of free withdrawals, deposits, and balance inquiries?

The account holder will be charged additional transaction fees Signup and view all the answers

How do banks deduct monthly fees from an account?

By automatically deducting the fee from the account Signup and view all the answers

What is the purpose of a bank account's opening balance?

To show the amount of money in the account at the beginning of a period Signup and view all the answers

Which of the following is a type of transaction fee?

Self-service banking fee Signup and view all the answers

What is the result of choosing the most appropriate bank account for your needs?

You can reduce your transaction fees Signup and view all the answers

What is included in the calculation of total bank fees?

Monthly maintenance fee, self-service banking fee, cash deposit fee, withdrawal fee, balance inquiry fee, and other transaction fees Signup and view all the answers

Gr 10 Math Lit: Ch 4.5 Banking, Loans, Investments

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Questions and Answers

What is the term for the amount of money in an account at the beginning of a period?

What type of transaction involves depositing money into an account?

What is the purpose of a monthly fee charged by banks?

How can transaction fees be reduced?

What is the formula for calculating total bank fees?

What is the term for the fee charged by banks for each withdrawal or deposit?

What is the formula for calculating the bank fee for a withdrawal?

What is the term for the person whose name the account is in?

What type of bank account earns interest but does not have an overdraft facility?

What is the primary purpose of a Fixed Deposit Account?

What document is typically required to open a bank account?

What information is shown on a bank statement for each transaction?

What type of bank account allows the account holder to purchase items now and pay for them later?

What is the primary difference between a Credit Account and a Debit Account?

How often are bank statements typically sent to the account holder?

What information is required by FICA to open a bank account?

What is the main difference between a Cheque or Current Account and a Savings Account?

What is the purpose of a Fixed Deposit Account?

What is required by FICA when opening a bank account?

What is shown on a bank statement for each transaction?

What is the main feature of a Credit Account?

What is the main difference between a Debit Account and a Cheque or Current Account?

Why is proof of residence required when opening a bank account?

What is the typical frequency of bank statements sent to the account holder?

What is the main purpose of a bank account's monthly fee?

How do transaction fees vary?

What is the effect of choosing the most appropriate bank account for your needs?

What is included in the calculation of total bank fees?

What is the purpose of a bank account's opening balance?

What is the result of exceeding the allowed number of free withdrawals, deposits, and balance inquiries?

What is the formula for calculating the total bank fees?

What type of transaction involves paying money out of an account?

What is the primary purpose of a Cheque or Current Account?

Which type of bank account typically has an overdraft facility?

What is the primary difference between a bank account and an investment?

Why is proof of income required when opening a bank account?

What is the primary advantage of a Fixed Deposit Account?

What is shown on a bank statement for each transaction?

What is the primary purpose of a Savings Account?

What is required to open a bank account?

What is the primary purpose of a bank account's monthly maintenance fee?

Which of the following is NOT a factor in calculating total bank fees?

What is the effect of exceeding the allowed number of free withdrawals, deposits, and balance inquiries?

How do banks deduct monthly fees from an account?

What is the purpose of a bank account's opening balance?

Which of the following is a type of transaction fee?

What is the result of choosing the most appropriate bank account for your needs?

What is included in the calculation of total bank fees?

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