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.

  • 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.

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

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

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

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

    <p>Mortgage</p> 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.

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

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

    <p>Amortization Period</p> Signup and view all the answers

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

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

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

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

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

    <p>Credit Score</p> 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 __________.

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

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

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

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

    <p>Direct Deposit</p> Signup and view all the answers

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

    <p>Pre-authorized Payment</p> Signup and view all the answers

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

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

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

    <p>Transfer Funds</p> Signup and view all the answers

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

    <p>Foreign Exchange Rate</p> Signup and view all the answers

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

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

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

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

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