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