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Banking and Loans

Authored by Timothy Lin

Business

9th Grade

Used 2+ times

Banking and Loans
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16 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are three ways to ensure your bank account is secure?

Use strong passwords

Check account for irregular transactions

Hire an accountant

Report irregularities immediately

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is NOT an example of a bank fee?

International transcation fees

ATM fees

Overdraw charges

Overcharge fees

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

TRUE or FALSE: A transaction account will most likely have a higher interest reward than a savings account.

True

False

Answer explanation

A savings account will usually give a higher interest rate to rewards users to save more!

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

TRUE or FALSE: When using a debit card, you are borrowing money from the bank to be repaid later.

True

False

Answer explanation

Credit card: borrowing money from the bank when used to purchase items.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

TRUE or FALSE: 'interest' is always a good thing.

True

False

Answer explanation

Great for building up savings but costly as a cost to borrowing

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the 3 components of a loan to consider before taking on one?

Interest

Principal amount

Credit

Duration or 'term'

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Anna takes on a loan from Commonwealth Bank for $15,000 which is repayable over 5 years. The bank charges interest at 5% per annum.

What is the interest incurred at the end of 5 years?

$750

$3,750

$2,550

$1,500

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