12 Questions
What does the term 'amortization period' refer to in the context of a home loan?
The period over which the Smiths will pay off their mortgage, including interest
What is the purpose of a down payment in the context of a home purchase?
To reduce the amount borrowed and avoid private mortgage insurance
In a mortgage payment, what does the term 'principal' refer to?
A portion of the payment that reduces the loan amount
What role does a credit score play in securing a favorable loan rate?
It indicates a person's ability to make on-time payments and manage debt responsibly
What type of account did John open to manage his daily expenses and paycheck deposits?
Chequing Account
Which account does Maria add money to regularly to earn interest over time?
Savings Account
What method did Alex use to pay back his friend for concert tickets, making the transaction quick and easy?
E-transfer (Electronic Funds Transfer)
How does Sarah handle her finances without visiting the bank, thanks to its convenience?
Online Banking
What did Noah check before traveling to ensure he exchanged his money at a good rate?
Foreign Exchange Rate
In order to build her credit history, what did Megan use responsibly, paying off her balance each month?
Credit Card
What did Ava decide to do from her savings to her chequing account in order to pay her tuition?
Transfer Funds
What does Kevin review monthly to keep track of his spending and account balances?
Account Summary
Test your knowledge of banking and financial vocabulary with this quiz. Learn to understand terms like 'savings account', 'chequing account', and 'credit card' in real-life scenarios.
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