Banking & Financial Institutions
What is the term for putting money into a bank account?
Deposit
Does a credit card use your own money or borrowed money?
Borrowed money
What do we call money that a person borrows and agrees to repay?
Loan
What type of investment gives you a small piece of ownership in a company?
Stocks
What is the chance of harm, loss or damage called?
Risk
Which type of bank account is generally used for everyday purchases and paying bills?
Chequing account
What is the maximum amount you are allowed to borrow on a credit card called?
Credit limit
What is the original amount of money borrowed called?
Principal amount
What type of investment involves lending money to a government or company?
Bond
What is the regular payment you make to keep insurance active called?
Premium
What is the term for taking money out of a bank account?
Withdrawal
What is the term for the smallest payment you must make on your credit card each month?
Minimum payment
What is the cost of borrowing money called?
Interest
What type of investment includes gold, silver, oil and wheat?
Commodity
What type of insurance helps protect your personal belongings when renting a home?
Tenant insurance
What fee might you be charged if you spend more money than you have in your bank account?
Overdraft fee
What is the term for the amount of money you currently owe on your credit card?
Balance
What is an asset used as security for a loan called?
Collateral
What type of investment involves buying property to earn rental income or sell later?
Real estate
What is the amount you pay toward a covered claim before insurance pays called?
Deductible
What type of financial institution is owned by its members rather than shareholders?
Credit union
What does APR stand for?
Annual Percentage Rate
What type of loan requires collateral: secured or unsecured?
Secured loan
What is the strategy of spreading money across different investments to reduce risk called?
Diversification
What type of auto insurance helps cover damage to your vehicle caused by theft or fire?
Comprehensive insurance