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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?
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?
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?
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?
What is the term for the value of one currency for the purpose of conversion to another?
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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.
