Loan Basics Video

Loan Basics Video

12th Grade

10 Qs

quiz-placeholder

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Loan Basics Video

Loan Basics Video

Assessment

Quiz

Education

12th Grade

Hard

Created by

Crystal McCullough

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the principal in a loan?

The interest rate charged by the lender

The amount of money borrowed

The time period for loan repayment

The collateral used for the loan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of loan is specifically used for purchasing a vehicle?

Student loan

Mortgage

Auto loan

Payday loan

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is collateral in the context of secured loans?

The interest rate charged by the lender

The amount of money borrowed

Something valuable that can be taken if the loan is not repaid

The time period for loan repayment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might someone choose a secured loan over an unsecured loan?

Secured loans have higher interest rates

Secured loans are less risky for the borrower

Secured loans usually have lower interest rates

Secured loans do not require collateral

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factor can help you qualify for a lower interest rate on a loan?

A low credit score

A high amount of existing debt

A good employment history

A short-term loan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a cosigner in the context of loans?

A person who lends you money

A person who is responsible for repaying the loan if you default

A person who sets the interest rate

A person who provides collateral

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a fixed rate and a variable rate loan?

Fixed rates change with the market, variable rates do not

Fixed rates stay the same, variable rates change with an index

Fixed rates are always higher than variable rates

Variable rates are always lower than fixed rates

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