
Understanding Types of Loans

Quiz
•
Education
•
11th Grade
•
Hard
Standards-aligned
Samantha Ciccolella
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a loan?
A sum of money borrowed that is expected to be paid back with interest.
A grant given by the government.
A type of asset.
A type of investment.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The principal in a loan is ...
The amount originally borrowed
The interest charged on the loan
Fees associated with the loan
The total repayment amount
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of loan allows borrowers to repeatedly use the loan up to a set credit limit?
Open-End Loans
Closed-End Loans
Secured Loans
Unsecured Loans
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Collateral refers to ...
An asset offered to a lender as security for a loan
A loan given without any security
An interest paid on a loan
A type of unsecured debt
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Comparing loans is confusing due to multiple fees and varying terms, and the problem is solved ...
Only considering the interest rate
By using the APR to account for all costs
By focusing solely on the loan term
None of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A lien is sometimes necessary for lenders because it ...
It gives the lender a legal claim on the property as collateral.
It increases the interest rate on the loan.
It allows lenders to lend more money without any security.
It eliminates the need for a security deposit.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mortgage loan is
a type of loan for purchasing property
a type of loan for buying vehicles
a personal loan for travel
a loan for paying tuition fees
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