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Vocabulary in Context: Banking and Financial Terms Quiz

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Vocabulary in Context: Banking and Financial Terms Quiz

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Questions and Answers

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 (correct)

The down payment made on the home

The interest rate applied to the loan

The credit score required to secure the loan

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 (correct)

To slowly pay off the loan amount

To secure a favorable loan rate

To transfer funds between accounts

In a mortgage payment, what does the term 'principal' refer to?

A portion of the payment that reduces the loan amount (correct)

The interest rate applied to the loan

The property used as collateral for the loan

The credit score required to secure the loan

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 (D) Signup and view all the answers

What type of account did John open to manage his daily expenses and paycheck deposits?

Chequing Account (C) Signup and view all the answers

Which account does Maria add money to regularly to earn interest over time?

Savings Account (B) Signup and view all the answers

What method did Alex use to pay back his friend for concert tickets, making the transaction quick and easy?

E-transfer (Electronic Funds Transfer) (D) Signup and view all the answers

How does Sarah handle her finances without visiting the bank, thanks to its convenience?

Online Banking (C) Signup and view all the answers

What did Noah check before traveling to ensure he exchanged his money at a good rate?

Foreign Exchange Rate (C) Signup and view all the answers

In order to build her credit history, what did Megan use responsibly, paying off her balance each month?

Credit Card (B) Signup and view all the answers

What did Ava decide to do from her savings to her chequing account in order to pay her tuition?

Transfer Funds (D) Signup and view all the answers

What does Kevin review monthly to keep track of his spending and account balances?

Account Summary (A) Signup and view all the answers