Vocabulary in Context Exercise: Financial Terminology

Banking and Finance

• John opened a chequing account in Canada to manage his daily expenses and paycheck deposits.
• Maria regularly adds money to a savings account to earn interest over time.
• Alex used electronic funds transfer (EFT) to quickly and easily pay back his friend for concert tickets.
• Sarah uses online banking to handle her finances without visiting the bank.
• The amount paid by the Johnsons each month to their insurance company is called a premium.
• Noah checked the exchange rate before exchanging his money, to ensure he got a good rate.
• Megan used credit cards responsibly to build her credit history.
• Linda incurred a foreign transaction fee when withdrawing cash abroad, on top of the withdrawal amount.
• Ava decided to do a transfer from her savings to her chequing account when needing to pay her tuition.
• The term used to describe the monthly review that Kevin does to keep track of his spending and account balances is a budget review.

Test your understanding of financial terminology with this exercise. Select the correct terms for the given contexts and evaluate your knowledge of banking and finance vocabulary.