ELC10 Vocabulary Building Exercise PDF

Exercise: Vocabulary in Context 1. When John moved to Canada, he opened a __________ to manage his daily expenses and paycheck deposits. A) Savings Account B) Chequing Account C) Credit Card D) Mortgage Answer: B) Chequing Account 2. Maria is focused on her future, so she regularly adds money to her...

Exercise: Vocabulary in Context 1. When John moved to Canada, he opened a __________ to manage his daily expenses and paycheck deposits. A) Savings Account B) Chequing Account C) Credit Card D) Mortgage Answer: B) Chequing Account 2. Maria is focused on her future, so she regularly adds money to her __________ to earn interest over time. A) Chequing Account B) Savings Account C) Credit Score D) Amortization Period Answer: B) Savings Account 3. To pay back his friend for concert tickets, Alex used an __________, making the transaction quick and easy. A) Online Banking B) Bill Payment C) E-transfer (Electronic Funds Transfer) D) Direct Deposit Answer: C) E-transfer (Electronic Funds Transfer) 4. Sarah loves the convenience of __________, allowing her to handle her finances without visiting the bank. A) Direct Deposit B) Online Banking C) Pre-authorized Payment D) Account Summary Answer: B) Online Banking 5. To ensure his phone bill is never late, Tim set up a __________ through his bank's website. A) Bill Payment B) Transfer Funds C) Direct Deposit D) Pre-authorized Payment Answer: A) Bill Payment 6. Buying their first house, the couple took out a __________, agreeing to pay it back over 30 years. A) Mortgage B) Credit Card C) Savings Account D) Principal Answer: A) Mortgage 7. To secure a loan for her new car, Jenna was offered a(n) __________ of 3.5% annually by the bank. A) Amortization Period B) Down Payment C) Interest Rate D) Account Summary Answer: C) Interest Rate 8. Over the __________ of their home loan, the Smiths will pay off their mortgage, including interest. A) Down Payment B) Amortization Period C) Principal D) Collateral Answer: B) Amortization Period 9. To avoid private mortgage insurance, the newlyweds made a __________ of 20% on their new home. A) Principal B) Down Payment C) Transfer Funds D) Foreign Exchange Rate Answer: B) Down Payment 10. Each month, a portion of Ethan's mortgage payment reduces the __________, slowly paying off the loan. A) Interest Rate B) Principal C) Collateral D) Credit Score Answer: B) Principal 11. After years of responsible borrowing, Lisa's __________ was high, securing her a favorable loan rate. A) Credit Score B) Interest Rate C) Savings Account D) Mortgage Answer: A) Credit Score 12. In case of default on the loan, the bank had the right to seize the property, which was the __________. A) Collateral B) Principal C) Credit Card D) Savings Account Answer: A) Collateral 13. For everyday purchases, Greg prefers using his __________ to avoid accumulating debt. A) Credit Card B) Debit Card C) Pre-authorized Payment D) Direct Deposit Answer: B) Debit Card 14. Emily's salary is conveniently placed into her account each payday through __________. A) Direct Deposit B) E-transfer (Electronic Funds Transfer) C) Online Banking D) Bill Payment Answer: A) Direct Deposit 15. The Johnsons have their monthly insurance premium deducted automatically, thanks to a __________. A) Pre-authorized Payment B) Transfer Funds C) Direct Deposit D) Bill Payment Answer: A) Pre-authorized Payment 16. Kevin reviews his __________ monthly to keep track of his spending and account balances. A) Account Summary B) Credit Score C) Savings Account D) Mortgage Answer: A) Account Summary 17. Needing to pay her tuition, Ava decided to __________ from her savings to her chequing account. A) Transfer Funds B) Direct Deposit C) Pre-authorized Payment D) Bill Payment Answer: A) Transfer Funds 18. Before traveling, Noah checked the __________ to ensure he exchanged his money at a good rate. A) Foreign Exchange Rate B) Interest Rate C) Credit Score D) Transaction Fees Answer: A) Foreign Exchange Rate 19. To build her credit history, Megan used a __________ responsibly, paying off her balance each month. A) Debit Card B) Savings Account C) Credit Card D) Chequing Account Answer: C) Credit Card 20. When withdrawing cash abroad, Linda incurred __________ on top of her withdrawal amount. A) Transaction Fees B) Interest Rates C) Foreign Exchange Rates D) Pre-authorized Payments Answer: A) Transaction Fees