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Vocabulary in Context: Financial Terminology Quiz

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Vocabulary in Context: Financial Terminology Quiz

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Questions and Answers

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

Savings Account

Credit Card

Mortgage

Chequing Account (correct)

Where does Maria regularly add money to earn interest over time?

Credit Score

Savings Account (correct)

Amortization Period

Chequing Account

What did Alex use to make a quick and easy transaction to pay back his friend for concert tickets?

Online Banking

Bill Payment

Direct Deposit

E-transfer (Electronic Funds Transfer) (correct)

What does Sarah use to handle her finances without visiting the bank?

Online Banking (B) Signup and view all the answers

What is the term for the period over which the Smiths will pay off their mortgage, including interest?

Amortization Period (C) Signup and view all the answers

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

Down Payment (B) Signup and view all the answers

What does a portion of Ethan's mortgage payment each month go towards, slowly paying off the loan?

Principal (A) Signup and view all the answers

What was high due to Lisa's years of responsible borrowing, securing her a favorable loan rate?

Credit Score (D) Signup and view all the answers

What did Noah check before traveling?

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

How did Megan build her credit history?

Credit Card (D) Signup and view all the answers

What did Linda incur when withdrawing cash abroad?

Transaction Fees (B) Signup and view all the answers

What did Ava decide to do to pay her tuition?

Transfer Funds (A) Signup and view all the answers