Secured and Unsecured Credits

Quiz
•
Other
•
9th Grade
•
Medium
Rosemarie Rellona Womack
Used 5+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between secured and unsecured credits?
Unsecured credits are only available to individuals with high credit scores.
The main difference is that secured credits require collateral, while unsecured credits do not.
Secured credits have higher interest rates than unsecured credits.
Secured credits are easier to obtain than unsecured credits.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Give an example of a secured credit.
Personal loan
Student loan
Car loan
Mortgage loan
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain why secured credits are considered less risky for lenders.
Secured credits are not legally binding, reducing the lender's risk.
Secured credits are not subject to credit checks, decreasing the lender's risk.
Secured credits are backed by collateral, reducing the lender's risk.
Secured credits have higher interest rates, making them less risky for lenders.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of collateral is commonly used for secured credits?
Artwork, antiques, or collectibles
Stocks, bonds, or mutual funds
Jewelry, electronics, or clothing
Real estate properties, vehicles, or valuable assets
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if a borrower defaults on a secured credit?
The lender can seize the collateral.
The lender forgives the debt
The borrower receives a bonus
The collateral is returned to the borrower
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the interest rate like for secured credits compared to unsecured credits?
Secured and unsecured credits have the same interest rates.
Secured credits have higher interest rates.
Unsecured credits have lower interest rates.
Secured credits have lower interest rates.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Name a common type of unsecured credit.
Personal loan
Debit card
Credit card
Mortgage
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