Personal Finance Quiz: Banking and Accounts

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.

Test your knowledge of banking and accounts with this quiz. Answer questions related to different types of accounts and their uses.