Collateral is
W!SE Review One

Quiz
•
Business
•
9th - 12th Grade
•
Medium
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
required for all loans
a form of credit
something of value that secures a loan to protect the lender
a measure of your net worth
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you put money into a savings account - you are making a
loan
good choice
deposit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Does whole life insurance accumulate interest for the cash value?
no
yes
Answer explanation
when you decide to cash out your whole life insurance, you would get more than what you originally paid for.
ex: if you have a $10,000 whole life insurance policy, when you cash it out years later, you will recieve more than $10,000 due to premiums you've paid, as well as interest.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gwen receives a bill from her auto insurance company, and she sends a check to the company to make sure her policy is not cancelled. The cost of her policy is
co-insurance
co-pay
deductible
premium
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The term that best describes money left over after paying taxes, fixed and other essential living expenses, is:
Net Pay
Net Surplus
Play Money
Discretionary Income
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When someone goes to a pawn shop to sell an item for cash, what type of loan is it?
secured loan
unsecured loan
collateralized loan
Answer explanation
collateralized - there is an asset at risk of being lost (a necklace, a ring, etc). think of the item being "collateral damage".
uncollateralized means there is not an asset to cover the loan amount.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Term used to describe turning an investment into cash
cash value
deposit
liquidity
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