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CEFS Unit 2 Topic 3

Authored by J Bennington

Business

12th Grade

Used 1+ times

CEFS Unit 2 Topic 3
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a product designed for long-term borrowing is:

an overdraft.

a mortgage.

a credit card.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process that lenders use to assess the likelihood of a borrower not repaying a mortgage is designed to:

check their risk profile.

check their application is accurate.

check their creditworthiness.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most commonly used type of mortgage nowadays is a:

repayment mortgage.

interest-only mortgage.

combined repayment and interest-only mortgage.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you want to know how much the repayments on your loan will be every month, you need to choose a:

fixed rate of interest.

variable rate of interest.

standard rate of interest.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The loan-to-value (LTV) ratio compares the size of the loan to the value of the property.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you take out a loan with a variable rate of interest, you could find that your repayments each month get bigger if:

interest rates go up.

interest rates go down.

the term of your loan is extended for a longer period.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sharia law forbids:


borrowing.

payment of interest.

mortgages.

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