Vocabulary in Context Exercise: Financial Terminology

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10 Questions

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

Chequing Account

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

Savings Account

What method did Alex use to quickly and easily pay back his friend for concert tickets?

E-transfer (Electronic Funds Transfer)

Which option allows Sarah to handle her finances without visiting the bank?

Online Banking

What is the term used to describe the amount paid by the Johnsons each month to their insurance company?

Pre-authorized Payment

What did Noah check before exchanging his money, to ensure he got a good rate?

Foreign Exchange Rate

What did Megan use responsibly to build her credit history?

Credit Card

What did Linda incur when withdrawing cash abroad, on top of the withdrawal amount?

Transaction Fees

What did Ava decide to do from her savings to her chequing account when needing to pay her tuition?

Transfer Funds

What term is used to describe the monthly review that Kevin does to keep track of his spending and account balances?

Account Summary

Study Notes

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.

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