Loans Quiz
Authored by SUNNY HARDY
Business
8th Grade
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30 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the 5 basic types of loans?
Automobile
Payday
Mortgage
Federal/Student
Small Business
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does principle stand for?
% the lender charges you for borrowing the money.
the amount of money being borrowed.
time given to pay back the loan.
Assets you put up against the loan as a safeguard for the lender against defaulted payments.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interest Rate?
% the lender charges you for borrowing the money.
the amount of money being borrowed.
time given to pay back the loan.
Assets you put up against the loan as a safeguard for the lender against defaulted payments.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Loan Term?
% the lender charges you for borrowing the money.
the amount of money being borrowed.
time given to pay back the loan.
Assets you put up against the loan as a safeguard for the lender against defaulted payments.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Collateral?
% the lender charges you for borrowing the money.
the amount of money being borrowed.
time given to pay back the loan.
Assets you put up against the loan as a safeguard for the lender against defaulted payments.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fixed Rate is?
if you default on your payments your co-signer is responsible for the payments.
not being able to make a payment or payments.
Stays the same throughout the duration of the loan term. Predictable with higher interest rates.
Can fluctuate depending on the index. Unpredictable with lower interest rates.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Variable Rate is?
if you default on your payments your co-signer is responsible for the payments.
not being able to make a payment or payments.
Stays the same throughout the duration of the loan term. Predictable with higher interest rates.
Can fluctuate depending on the index. Unpredictable with lower interest rates.
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