Podcast
Questions and Answers
What type of account did Sarah use to handle her finances without visiting the bank?
What type of account did Sarah use to handle her finances without visiting the bank?
- Account Summary
- Direct Deposit
- Online Banking (correct)
- Pre-authorized Payment
Which financial product did the couple take out when buying their first house?
Which financial product did the couple take out when buying their first house?
- Principal
- Mortgage (correct)
- Savings Account
- Credit Card
What did John open to manage his daily expenses and paycheck deposits when he moved to Canada?
What did John open to manage his daily expenses and paycheck deposits when he moved to Canada?
- Credit Card
- Savings Account
- Chequing Account (correct)
- Mortgage
What method did Alex use to quickly and easily pay back his friend for concert tickets?
What method did Alex use to quickly and easily pay back his friend for concert tickets?
What is the annual interest rate offered to Jenna by the bank?
What is the annual interest rate offered to Jenna by the bank?
In the context of a home loan, what does the term 'principal' refer to?
In the context of a home loan, what does the term 'principal' refer to?
What did the newlyweds do to avoid private mortgage insurance on their new home?
What did the newlyweds do to avoid private mortgage insurance on their new home?
Which financial element slowly pays off the loan by reducing a portion of the mortgage payment each month?
Which financial element slowly pays off the loan by reducing a portion of the mortgage payment each month?
What financial aspect secured Lisa a favorable loan rate due to her responsible borrowing?
What financial aspect secured Lisa a favorable loan rate due to her responsible borrowing?
In personal finance, what term refers to the property that the bank has the right to seize in case of loan default?
In personal finance, what term refers to the property that the bank has the right to seize in case of loan default?
Study Notes
Online Banking
- Sarah used online banking to handle her finances without visiting the bank.
Mortgages
- A couple took out a mortgage when buying their first house.
Bank Accounts
- John opened a chequing account to manage his daily expenses and paycheck deposits when he moved to Canada.
Person-to-Person Payments
- Alex used peer-to-peer payment to quickly and easily pay back his friend for concert tickets.
Interest Rates
- The annual interest rate offered to Jenna by the bank has a specific percentage.
Home Loans
- In the context of a home loan, the term 'principal' refers to the initial amount borrowed.
- The newlyweds made a 20% down payment to avoid private mortgage insurance on their new home.
- Amortization is the financial element that slowly pays off the loan by reducing a portion of the mortgage payment each month.
Credit Scores
- Lisa's good credit score, a financial aspect, secured her a favourable loan rate due to her responsible borrowing.
Loan Security
- Collateral is the financial aspect that refers to the property that the bank has the right to seize in case of loan default.
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Description
Test your knowledge of banking and accounts with this quiz. Answer questions related to different types of accounts and their uses.
