
Financial calculation revision

Quiz
•
Others
•
11th Grade
•
Hard

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FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a promissory note?
A legal document that outlines a promise to repay a loan
A receipt for a financial transaction
A business contract for selling goods
A certificate of deposit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When is a promissory note used?
Only for business loans
When lending or borrowing money under agreed terms
Only for bank transactions
When purchasing property
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is the debtor in a promissory note?
The person lending the money
The person borrowing the money
The financial institution
The legal advisor
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an essential element of a promissory note?
The lender’s home address
Loan amount, interest rate, and maturity date
The borrower’s employment history
The reason for borrowing money
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can a lender do if the borrower fails to repay the loan?
Cancel the loan without consequences
Take legal action to recover the amount
Ignore the issue
Reduce the interest rate automatically
6.
OPEN ENDED QUESTION
3 mins • 1 pt
Explain the importance of a promissory note in financial transactions.
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7.
OPEN ENDED QUESTION
3 mins • 1 pt
List the steps a lender should take if the borrower does not repay the loan on time.
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