Borrowing Basics Unit Test Review
Authored by Allison Comer
Financial Education
9th Grade
Used 5+ times
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24 questions
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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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