WorksheetsBanking Review
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
What is true about loans?
a)
The higher the APR, the less interest is paid.
b)
The larger the down payment, the lower the principal.
c)
The lower the APR, the more interest is paid.
d)
The shorter the length of yhe loan, the smaller the payments.
2.
An arrangment to receive cash,goods, or services now and pay the futire is called..?
a)
liquidity
b)
collateral
c)
net income
d)
credit
3.
The rate imposed by the lender for the borrower to pay on a loan is known as...?
a)
MMR
b)
DCR
c)
APR
d)
EAR
4.
When applying for a loan, borrowers will probably need to provide information regarding their...?
a)
Work experience
b)
assets
c)
financial plan
d)
health record
5.
A company that keeps files and records on people who apply for and use credit is called a...?
a)
credit reporting agency
b)
commercial bank
c)
finance company
d)
credit union
6.
What type of financial aid needs to be repaid?
a)
work study
b)
grant
c)
loan
d)
scholarship
7.
Which of the following helps to build a strong credit history?
a)
being a responsible driver
b)
reporting a lost credit card within 24hrs
c)
having a steady employment record
d)
using an ATM several times a month
8.
A loan can be denied by a lender because of a person's....?
a)
gender
b)
credit history
c)
education
d)
health
9.
An advantage of having a credit card is that it helps a person to...?
a)
owe an unlimited amount of money
b)
spend more than she earns
c)
buy without thinking about her budget
d)
limit the amount of cash she has to carry
10.
The grace period refers to the time....?
a)
permitted for paying a credit card bill to avoid a late fee.
b)
taken to process a credit card application by the credit card company.
c)
used for calcualting interest
d)
allowed to notify a creditor of an error in billing.
11.
When a person asks her bank not to honor a specific check, it is called.....?
a)
a limit order
b)
a stop payment order
c)
a cancellation
d)
an overdraft
12.
Which of the following individuals has financial problems...?
a)
A person who is borrowing money to buy a house
b)
A person who uses a credit card yo make most purchases
c)
a person who is unable to pay his rent
d)
A person who has a loan for college
100 %
