Chapter 7 Quiz

What do you have to pay for a loan?

• Collateral

• Your life

• Cereal

Loans create debt.

• True

• False

Unsecured loans require collateral.

• True

• False

What can loans be used for?

• College

• New Shoes

• Friend’s Birthday Present

• Rent

Using unsecured loans can create...

• Good credit history

• Bad credit history

• Relationship with co-workers

Secured loans generally have lower interest rates.

• True

• False

What are the reasons you can get turned down for a loan? (More than one right answer)

• Not have sufficient credit

• Too many kids

• Loan amount is too high

• Neighborhood complaints

Who gives grants? (Multiple Answers)

• Research & Development

• Organizations

• Foundations

• Mom & Dad

A written proposal is required for a grant.

• True

• False

What is the best way to search for grants?

• The internet

• Library

• Asking parents