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BANKING QUIZ

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