Borrowing Basics
a month ago
elugosb507
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12 QuestionsShow answers
  • Question 1
    30 seconds
    Q.

    Which of the following requires the borrower to offer a securement to the lender, in case they do not repay the loan?

    answer choices

    Paycheck

    Collateral

    Credit card

    Character

  • Question 2
    30 seconds
    Q.

    Which of the following is an example of revolving credit?

    answer choices

    Student Loan

    Auto Loan

    Mortgage

    Credit card

  • Question 3
    30 seconds
    Q.

    Which of the following credit scores are considered fair?

    answer choices

    690 to 719

    Above 720

    630 to 689

    Below 600

  • Question 4
    30 seconds
    Q.

    Which of the following is the first step of the borrowing process?

    answer choices

    Selecting the right loan program

    Applying for a loan

    Processing the loan

    Determining the amount to borrow

  • Question 5
    30 seconds
    Q.

    Which of the following is a short-term, high-interest loan designed to bridge the gap from one paycheck to the next?

    answer choices

    Personal loan

    Payday loan

    Mortgage

    Student loan

  • Question 6
    30 seconds
    Q.

    Which of the following is the annual or yearly rate charged for borrowing or earning through an investment?

    answer choices

    Annual percentage rate

    Variable interest rate

    Interest rate

    Fixed interest rate

  • Question 7
    30 seconds
    Q.

    Which of the following involves a lending institution allowing a consumer to borrow money and then pay back some or all of it each month?

    answer choices

    Payday loan

    Interest

    Income statement

    Credit card

  • Question 8
    30 seconds
    Q.

    Which of the following is NOT an impact of credit decisions?

    answer choices

    Collateralized statement

    Net worth statement

    Income statement

    Monthly budget

  • Question 9
    30 seconds
    Q.

    Which of the following is NOT considered a bad borrowing habit?

    answer choices

    Spending more than can be earned

    Ignoring credit reports

    Failing to budget

    Reviewing debt periodically

  • Question 10
    30 seconds
    Q.

    Which of the following provides international banking to multinational corporations?

    answer choices

    Federal bank

    Merchant bank

    Peer-to-peer lending

    Interest banking

  • Question 11
    30 seconds
    Q.

    Which of the following types of credit is issued and supported by a borrower’s reliability, rather than the value of an asset?

    answer choices

    Collateralized credit

    Revolving credit

    Unsecured credit

    Installment credit

  • Question 12
    30 seconds
    Q.

    Which of the following is the gap between when the credit card’s billing cycle closes and when the bill becomes due?

    answer choices

    Grace period

    Prepayment penalty

    Cash advance

    Late payments

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