Banking and Finance Quiz: Accounts and Payments
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Questions and Answers

Which type of account does John open to manage his daily expenses and paycheck deposits?

  • Savings Account
  • Credit Card
  • Chequing Account (correct)
  • Mortgage
  • What did Sarah find convenient for handling her finances without visiting the bank?

  • Account Summary
  • Pre-authorized Payment
  • Online Banking (correct)
  • Direct Deposit
  • What did Tim set up through his bank's website to ensure his phone bill is never late?

  • Transfer Funds
  • Bill Payment (correct)
  • Direct Deposit
  • Pre-authorized Payment
  • What type of transaction did Alex use to quickly and easily pay back his friend for concert tickets?

    <p>E-transfer (Electronic Funds Transfer)</p> Signup and view all the answers

    What did the newlyweds do to avoid private mortgage insurance on their new home?

    <p>Savings Account</p> Signup and view all the answers

    What does Greg prefer to use for everyday purchases to avoid accumulating debt?

    <p>E-transfer (Electronic Funds Transfer)</p> Signup and view all the answers

    What does Kevin review monthly to keep track of his spending and account balances?

    <p>Mortgage</p> Signup and view all the answers

    What did Noah check before traveling to ensure he exchanged his money at a good rate?

    <p>Interest Rate</p> Signup and view all the answers

    What did Megan use responsibly to build her credit history?

    <p>Debit Card</p> Signup and view all the answers

    What did Linda incur on top of her withdrawal amount when withdrawing cash abroad?

    <p>Transaction Fees</p> Signup and view all the answers

    What account type did Maria regularly add money to in order to earn interest over time?

    <p>Savings Account</p> Signup and view all the answers

    How did Alex quickly and easily pay back his friend for concert tickets?

    <p>Online Banking</p> Signup and view all the answers

    What type of account did Sarah find convenient for handling her finances without visiting the bank?

    <p>Online Banking</p> Signup and view all the answers

    What did the couple take out when buying their first house, agreeing to pay it back over 30 years?

    <p>Mortgage</p> Signup and view all the answers

    What did Jenna receive from the bank to secure a loan for her new car?

    <p>Interest Rate</p> Signup and view all the answers

    What will the Smiths pay off over the amortization period of their home loan?

    <p>Principal</p> Signup and view all the answers

    To avoid private mortgage insurance, what did the newlyweds make on their new home?

    <p>Down Payment</p> Signup and view all the answers

    Which part of Ethan's mortgage payment slowly pays off the loan each month?

    <p>Principal</p> Signup and view all the answers

    What secured Lisa a favorable loan rate after years of responsible borrowing?

    <p>Credit Score</p> Signup and view all the answers

    What right did the bank have in case of default on the loan?

    <p>Collateral</p> Signup and view all the answers

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