Intro to Personal Finance Test #1

Front

Mortgage loans are typically the longest-term loans most consumers take on.

Back

True

Front

Payday loans are considered low-risk and low-interest loans.

Back

False

Front

Can student loans sometimes be forgiven under specific government programs?

Back

True

Front

A car loan is usually a secured loan.

Back

True

Front

Credit cards are considered installment loans.

Back

False

Front

Business loans can be backed by the Small Business Administration (SBA).

Back

True

Front

Home equity loans rely on the borrower’s credit score but not on property value.

Back

False

Front

Which of the following is an example of a secured loan? Personal loan, Credit card loan, Auto loan, Payday loan

Back

Auto loan

Front

Which loan type often requires no collateral? Mortgage loan, Personal loan, Auto loan, Home equity loan

Back

Personal loan

Front

Which government program assists veterans in buying homes? Options: FHA Loan, USDA Loan, VA Loan, SBA Loan

Back

VA Loan