ELC10 - Vocabulary Building Exercise

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When John moved to Canada, he opened a __________ to manage his daily expenses and paycheck deposits.

Savings Account

Chequing Account (correct)

Credit Card

Mortgage

Maria is focused on her future, so she regularly adds money to her __________ to earn interest over time.

Chequing Account

Savings Account (correct)

Credit Score

Amortization Period

To pay back his friend for concert tickets, Alex used an __________, making the transaction quick and easy.

Online Banking

Bill Payment

E-transfer (Electronic Funds Transfer) (correct)

Direct Deposit

Sarah loves the convenience of __________, allowing her to handle her finances without visiting the bank.

Online Banking Signup and view all the answers

To ensure his phone bill is never late, Tim set up a __________ through his bank's website.

Bill Payment Signup and view all the answers

Buying their first house, the couple took out a __________, agreeing to pay it back over 30 years.

Mortgage Signup and view all the answers

To secure a loan for her new car, Jenna was offered a(n) __________ of 3.5% annually by the bank.

Interest Rate Signup and view all the answers

Over the __________ of their home loan, the Smiths will pay off their mortgage, including interest.

Amortization Period Signup and view all the answers

To avoid private mortgage insurance, the newlyweds made a __________ of 20% on their new home.

Down Payment Signup and view all the answers

Each month, a portion of Ethan's mortgage payment reduces the __________, slowly paying off the loan.

Principal Signup and view all the answers

After years of responsible borrowing, Lisa's __________ was high, securing her a favorable loan rate.

Credit Score Signup and view all the answers

In case of default on the loan, the bank had the right to seize the property, which was the __________.

Collateral Signup and view all the answers

For everyday purchases, Greg prefers using his __________ to avoid accumulating debt.

Debit Card Signup and view all the answers

Emily's salary is conveniently placed into her account each payday through __________.

Direct Deposit Signup and view all the answers

The Johnsons have their monthly insurance premium deducted automatically, thanks to a __________.

Pre-authorized Payment Signup and view all the answers

Kevin reviews his __________ monthly to keep track of his spending and account balances.

Account Summary Signup and view all the answers

Needing to pay her tuition, Ava decided to __________ from her savings to her chequing account.

Transfer Funds Signup and view all the answers

Before traveling, Noah checked the __________ to ensure he exchanged his money at a good rate.

Foreign Exchange Rate Signup and view all the answers

To build her credit history, Megan used a __________ responsibly, paying off her balance each month.

Credit Card Signup and view all the answers

When withdrawing cash abroad, Linda incurred __________ on top of her withdrawal amount.

Transaction Fees Signup and view all the answers

ELC10 - Vocabulary Building Exercise

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Questions and Answers

When John moved to Canada, he opened a __________ to manage his daily expenses and paycheck deposits.

Maria is focused on her future, so she regularly adds money to her __________ to earn interest over time.

To pay back his friend for concert tickets, Alex used an __________, making the transaction quick and easy.

Sarah loves the convenience of __________, allowing her to handle her finances without visiting the bank.

To ensure his phone bill is never late, Tim set up a __________ through his bank's website.

Buying their first house, the couple took out a __________, agreeing to pay it back over 30 years.

To secure a loan for her new car, Jenna was offered a(n) __________ of 3.5% annually by the bank.

Over the __________ of their home loan, the Smiths will pay off their mortgage, including interest.

To avoid private mortgage insurance, the newlyweds made a __________ of 20% on their new home.

Each month, a portion of Ethan's mortgage payment reduces the __________, slowly paying off the loan.

After years of responsible borrowing, Lisa's __________ was high, securing her a favorable loan rate.

In case of default on the loan, the bank had the right to seize the property, which was the __________.

For everyday purchases, Greg prefers using his __________ to avoid accumulating debt.

Emily's salary is conveniently placed into her account each payday through __________.

The Johnsons have their monthly insurance premium deducted automatically, thanks to a __________.

Kevin reviews his __________ monthly to keep track of his spending and account balances.

Needing to pay her tuition, Ava decided to __________ from her savings to her chequing account.

Before traveling, Noah checked the __________ to ensure he exchanged his money at a good rate.

To build her credit history, Megan used a __________ responsibly, paying off her balance each month.

When withdrawing cash abroad, Linda incurred __________ on top of her withdrawal amount.

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