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Questions and Answers
What does 'interest on the remaining amount' refer to?
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?
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?
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?
Which financial institution specializes in capital market activities and advisory services?
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Which activity is not classified as an investment banking service?
Which activity is not classified as an investment banking service?
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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.
