
CEFS Unit 2 Topic 3
Quiz
•
Business
•
12th Grade
•
Medium
J Bennington
Used 1+ times
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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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