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Personal Finance Quiz

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Questions and Answers

What does 'interest on the remaining amount' refer to?

Penalty fee

Interest on the full balance

Interest on the paid amount

Interest on the remaining principal after a partial payment (correct)

Which banking product limits depositors to zero withdrawals?

Certificate of Deposit (correct)

Credit card

Savings account

Transaction account

What is not a factor to consider when assessing credit worthiness for an unsecured loan?

Credit history

The collateral value (correct)

Repayment history

Credit score

Which financial institution specializes in capital market activities and advisory services?

<p>Investment banks (B)</p> Signup and view all the answers

Which activity is not classified as an investment banking service?

<p>Help customers save for pensions (C)</p> Signup and view all the answers

Study Notes

Financial Terminology

Pension is classified as savings, not outgoings.
Outgoings include rent, bills, and tax.

Payment Frequency

People earning wages typically get paid more often than people earning a salary.
People earning a salary may receive their pay less frequently.

Financial Statements

A Balance Sheet displays a company's financial position at a specific date, showing its assets and liabilities.
The Balance Sheet reflects what a company owes and what it owns.

Retained Earnings

Retained earnings are the profits reinvested in a business, rather than being distributed to shareholders.

History of Banking

An early form of international banking was established during the Medieval period, enabling pilgrims to deposit and withdraw funds across a network.

Credit Cards

If customers do not pay off the full balance of their credit card, they are charged interest each month.

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Description

Test your knowledge of personal finance with this quiz! From identifying different types of outgoings to understanding income sources, this quiz will challenge your understanding of financial management.