Banking and Financial Literacy Quiz
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Questions and Answers

What is the term for an amount of money that a bank will lend to you, especially in order to buy a house?

  • Interest rate
  • Mortgage (correct)
  • Appraisal
  • Credit limit
  • What is the term for a written order from a bank to pay a sum of money to a named person?

  • Bank transfer (correct)
  • Electronic banking
  • Bounced check
  • Direct debit
  • What is the term for the maximum amount of credit that a financial institution extends to a client?

  • Blank check
  • Payoff Clause
  • Joint account
  • Credit limit (correct)
  • What is the term for the value of one currency for the purpose of conversion to another?

    <p>Exchange rate</p> Signup and view all the answers

    Study Notes

    Banking and Finance Terminology

    • A mortgage is an amount of money that a bank will lend to you, especially in order to buy a house.
    • A check is a written order from a bank to pay a sum of money to a named person.
    • A credit limit is the maximum amount of credit that a financial institution extends to a client.
    • An exchange rate is the value of one currency for the purpose of conversion to another.

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    Description

    Test your knowledge of banking and financial terms with this quiz. Challenge yourself to understand various concepts related to loans, credit, debit, and more.

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