IP Unit 2

Which one of the following is NOT a purpose of credit in Singapore?

• Managing cash flow.

• Making large purchases.

• Better job prospects.

• Providing emergency funds.

Credit refers to a ___________ agreement in which a borrower receives a sum of money or something else of value and commits to repaying the lender later, typically with interest.

Which of the following is NOT a type of credit facility in Singapore?

• Credit cards.

• Personal loans.

• Lines of credit.

• Overdraft credit.

One way to use credit responsibly is

• use credit for wants and not needs.

• not checking monthly statements.

• not paying off balances on time every month.

• understanding credit terms.

Which of the following is NOT a factor to consider when securing a loan?

• Credit score.

• Income.

• Fees and charges.

• Favorite TV show.

EIR stands for

• efficient interest rate.

• effective interest rate.

• error interest rate.

• environmental interest rate.

Repayment period for personal loan is usually between 1 to _ years.

Home loan is also known as a

• mortgage.

• bank loan.

• HDB loan.

• interest rate.

HDB loan rate is currently set at

• 2.5%.

• 2.6%.

• 2.7%.

• 3%.

________ moneylenders has no access to provide home loans in Singapore