COLLATERAL
Authored by Nellie Mena
Other
11th - 12th Grade
Used 45+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Mortgages and car loans are two types of collateralized loans
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
If a borrower defaults on the loan, the lender can't seize the collateral and sell it to recoup its losses.
True
False
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Other personal assets, such as a savings or investment account, can be used to secure a collateralized personal loan
True
False
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
When you take out a mortgage, your home becomes the collateral.
True
False
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The types of collateral that lenders commonly accept will not include cars—only if they are paid off in full—bank savings deposits, and investment accounts. Retirement accounts are not usually accepted as collateral.
True
False
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
if the borrower defaults on their loan payments, the lender can seize the collateral and sell it to recoup some or all of its losses.
True
False
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Unsecured loans do not use collateral
True
False
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