What is the term for payment made for the use of borrowed money?
Chapter 19: Personal Financial Literacy Review
10th Grade
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Chapter 19: Personal Financial Literacy Review
Quiz
•
Social Studies
•
10th Grade
•
Medium
Coach Morphew
Used 25+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Collateral
Corporation
Creditors
Interest
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are considered creditors?
Persons or institutions to whom money is owed
Stockholders
Partners in a partnership
Sole proprietors
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can a lender claim if a loan is not repaid?
Premium
Collateral
Interest
Secured loan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of loan is backed up with something of value in case the borrower can't pay it back?
Unsecured loan
Secured loan
Premium
Interest
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of loan is guaranteed only by a promise to repay?
Unsecured loan
Secured loan
Premium
Interest
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What describes a sole proprietorship?
Business owned by two or more people
Business with stockholders
Unincorporated business owned and run by a single person
Legal entity with all rights and responsibilities of an individual
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a partnership in terms of business structure?
Business owned by one person
Corporation
Unincorporated business owned and operated by two or more people
Business with varying interest rates
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