Personal Finance Quiz: Banking and Accounts

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10 Questions

What type of account did Sarah use to handle her finances without visiting the bank?

Online Banking

Which financial product did the couple take out when buying their first house?

Mortgage

What did John open to manage his daily expenses and paycheck deposits when he moved to Canada?

Chequing Account

What method did Alex use to quickly and easily pay back his friend for concert tickets?

E-transfer (Electronic Funds Transfer)

What is the annual interest rate offered to Jenna by the bank?

Interest Rate

In the context of a home loan, what does the term 'principal' refer to?

Principal

What did the newlyweds do to avoid private mortgage insurance on their new home?

Down Payment

Which financial element slowly pays off the loan by reducing a portion of the mortgage payment each month?

Principal

What financial aspect secured Lisa a favorable loan rate due to her responsible borrowing?

Credit Score

In personal finance, what term refers to the property that the bank has the right to seize in case of loan default?

Collateral

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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