Borrowing Basics Unit Test Review

Borrowing Basics Unit Test Review

9th Grade

24 Qs

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Borrowing Basics Unit Test Review

Borrowing Basics Unit Test Review

Assessment

Quiz

Financial Education

9th Grade

Practice Problem

Hard

Created by

Allison Comer

Used 5+ times

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24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of these is a for-profit financial institution licensed to receive deposits and make loans?

Bank

Credit Union

Business Lender

Credit Card Issuer

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of these is a member-owned nonprofit cooperative financial institution?

Bank

Credit Union

Business Lender

Credit Card Issuer

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of these is a short-term, high cost loans due on the next payday?

Promissory Note

Payday Loan

Unsecured Loan

Title Loan

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of these require the borrower to offer collateral as securement provided to the lender?

Promissory Note

Bank

Unsecured Loan

Title Loan

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of these contain written promise of, and plans for, repayment?

Promissory Note

Title Loan

Unsecured Loan

IOU

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What term refers to when goods, services or money is received in exchange for a promise to pay a definite sum of money at a future time?

Credit

Interest

Principle

Collateral

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What term refers to the process of borrowing money from an individual or investor without a bank’s consent?

Peer-to-peer Lending

Hacking

Micro lending

Collateral Lending

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