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BANKING QUIZ
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What is the difference between a debit card and a credit card?
DC: Online purchases / CC: In-person transactions
Debit cards have higher interest rates than credit cards.
DC: Linked with a Bank Account / CC: Borrow money
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What is online banking?
Managing your bank account over the internet
Sending money through postal mail
Using an ATM for transactions
Visiting a bank branch in person
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In Ecuador, what is a "Cooperativa de Ahorro y Crédito"?
National savings account
Central bank of Ecuador
Credit union
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What is the main purpose of the "Cédula de Identidad" in Ecuador in relation to banking?
To apply for a credit card
To receive cash withdrawals from ATMs
To open a bank account
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What is the primary purpose of a savings account?
Saving money
Paying bills
Making purchases
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What does ATM stand for?
Account Transfer Mechanism
Automated Teller Machine
All-Time Money
Autoridad de Transito Municipal
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What is compound interest?
Interest that is only paid on credit cards
Interest that is paid in cash
the initial amount and the accumulated interest
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What is the "Sistema de Pagos Interbancarios" (SPI) in Ecuador responsible for?
Overseeing foreign exchange transactions
Setting interest rates for loans
Facilitating interbank payments and transfers
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What is the purpose of the "RUC" (Registro Único de Contribuyentes) in Ecuador?
To track international transactions
To register for online banking services
To register for tax purposes
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Which institution in Ecuador is responsible for regulating and overseeing the financial sector?
Superintendencia de Bancos
Comisión de Mercado Financiero
Banco Central del Ecuador
Ministerio de Economía y Finanzas
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What is the interest rate?
The rate at which your savings increase
The rate at which your credit score changes
The rate at which you can borrow money
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What is a checking account commonly used for?
Long-term investments
Saving for retirement
Everyday transactions
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What is a "joint account" in banking?
An account for minors
An account for senior citizens
An account held by two or more people
An account with high interest rates
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What is the purpose of a cashier's check?
To transfer money between bank accounts
To make large payments securely
To withdraw money from an ATM
To pay for items at a retail store
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