Finance Unbox-ED ($) - Grade 6-8 - Session 039 - Quiz 1

Select all the statements that are true about BNPL

• BNPL = Buy Now Pay Later
• BNPL is a loan
• Companies offering BNPL are Techfins
• All of the above

Select all the statements that are true about BNPL

• BNPL loans are always paid in monthly installments
• In most cases BNPL loans are paid over three years
• Down payment i.e. upfront payment might be required
• All of the above

BNPL and credit cards can both be used to purchase things even if we do not have any balance in our bank account

• True
• False

Select the statement that is true

• Neither BNPL nor spends on credit cards are loans

• BNPL has wider acceptance than credit cards
• Both of the above
• None of the above

Select the statement that is true

• No interest is charged on credit card bills or BNPL if amounts are paid on time
• Credit cards have rewards program while BNPL does not
• Both of the above
• None of the above

Select the statement that is true

• P2P Lending = Person-To-Person Lending
• P2P Lending = Peer-To-Peer Lending
• P2P Lending = People-To-People Lending
• P2P Lending = Peer-To-Person Lending

Select all the statements that are true

• P2P lending companies are nothing but fintechs
• P2P lending companies connect individuals who want to lend with individuals who want to borrow
• P2P lending companies provide credit information on borrowers to lenders
• P2P lending companies charge a small fee for their services

P2P lending eliminates the role of a bank and the profit made by the bank can instead be shared between the lender and the borrower

• True
• False

Select all the statements that are true

• P2P lending leads to higher interest rate for the lender
• P2P lending leads to higher interest rate for the borrower
• P2P lending leads to lower interest rate for the lender
• P2P lending leads to lower interest rate for the borrower

Select the statement that is true

• Risk in P2P lending is much higher than saving with a bank
• In P2P lending we should lend large amounts to a few individuals
• Both of the above
• None of the above