BFS Unit 6 Business of Financial Contracts

Which of the following details repayment information over the course of the debt?

• Collateral

• Note Disclosures

• Amortization Schedule

• Interest

Which of the following types of loans requires collateral in the event an individual is unable to reply the loan?

• A secured loan

• An unsecured loan

• A federal student loan

• A personal line of credit

Which of the following is NOT a cost of refinancing?

• Title insurance fee

• Application fee

• Title recall fee

• Appraisal fee

Jennifer’s monthly payment for her loan is $600. How much should she earn monthly to be able to afford the debt?

• $1,200

• $1,500

• $1,800

• $2,400

Which of the following covers legal expenses for the lender in the event there is a discrepancy within the title?

• Title insurance fee

• Application fee

• Title recall fee

• Appraisal fee

Which of the following is NOT an example of a financial institution?

• A credit union

• An investment banking center

• A realtor

• A mortgage company

Which of the following is a closed line of credit to spend on consumer goods or intangible goods?

• A loan

• A checking account

• A security

• A credit card

Which of the following financial contracts involves risk?

• Checking accounts

• Payroll advances

• Investment banking

• Savings accounts

Which of the following is an open line of credit to spend on consumer goods?

• A loan

• A checking account

• A security

• A credit card

Which of the following financial contracts represents a relationship between an employee and his or her employer?

• A checking account

• A payroll advance

• A loan

• A credit card