wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Loans Review

Total questions: 20

Worksheet time: 26mins

Name
Class
Date
1.

Interest can be defined as:

a)

a charge for lending money

b)

the amount owed for borrowing money

c)

the amount added into your savings account when opening a bank account

d)

a charge for convenience of accessing money in your bank

2.

An APR of 25.99% in decimal form is....

a)

.02599

b)

.2599

c)

2.599

d)

25.99

3.

APR stands for

a)

annual profit rate

b)

annual percentage rate

c)

annual participation rate

d)

annuity profit range

4.

An APR of 5.4% in decimal form is....

a)

.54

b)

.054

c)

5.4

d)

.0054

5.

Select all of the following agencies which are "Credit Reporting Agencies"

a)

Equifax

b)

Trans-union

c)

Geico

d)

Progressive

6.

What is a Grace Period?

a)

A period where you don't have to pay interest

b)

A period where if you pay, then you don't have to pay interest

c)

A period where the Bank will give you extra time to pay off what you owe

d)

A period where interest is accumulating but you don't have to pay it

7.
In order to qualify for Federal student loans…
a)
You must have financial need
b)
You must file the FAFSA
c)
You must complete a separate application for federal loans
d)
You must take out a private loan
8.
Which of the following statements is TRUE about the advantages of federal student loans compared to private student loans?
a)
Federal student loans generally offer higher interest rates which remain fixed over the term of the loan
b)
Federal student loans do not need to be repaid if the borrower runs into financial difficulty and goes bankrupt
c)
Federal student loans require a credit check
d)
Federal student loans offer more flexible repayment terms
9.
A subsidized loan is when ____________________ pays the interest while you are in school, while an unsubsidized loan is when ___________________ pays the interest while you are in school.
a)
the government; parents
b)
the borrower; parents
c)
the borrower; the government
d)
the government; the borrower
10.
Which federal loans are available for parents to take out for their children's education?
a)
Perkins Loans
b)
Direct PLUS Loans
c)
Subsidized Direct Loans
d)
Unsubsidized Direct Loans
11.
A rule of thumb is a broadly accurate guide or principle. Which statement below represents a rule of thumb for how much a student should borrow for their college education?
a)
A student should borrow as much as a private lender will allow them to borrow.  
b)
A student should borrow no more than 35% of their discretionary income upon graduation from college.
c)
A student should borrow no more than they expect to make as a starting salary upon graduation from college.  
d)
A student should borrow as much as they expect to earn 10 years after they graduate from college.  
12.
Your friend is talking about stuff she has read online about PRIVATE student loans. Which of the following statements she says is TRUE?
a)
"You do not need a co-signer for taking out private student loans; you only need a co-signer for taking out federal loans."
b)
"Private student loans are subsidized."
c)
"All private student loan lenders offer forbearance and deferment options."
d)
"Private student loan lenders may require you to make payments toward the loan while you are still in school."
13.
To decrease your total student debt, it is a good idea to do which of the following?
a)
Take out student loans that amount to more than you expect to earn in the first year after you graduate
b)
Pay the interest on your loans while you are still in school
c)
Borrow private loans first
d)
Take an extra year to graduate (5 years total)
14.

Before renting an apartment, you should consider all of the following except

a)

The safty of the area around the apartment.

b)

The location of the apartment

c)

The interest rate

d)

The amount of the rent.

15.

Both an auto loan and a mortgage are examples of a secured debt.

a)

True

b)

False

16.

The longer the loan term the less total interest you pay.

a)

False

b)

True

17.

When deciding if you can afford to buy a home, you should not consider the cost of insurance, taxes and utilities.

a)

True

b)

False

18.
If my credit score is low at a 600, should my interest be high or low
a)
High Interest
b)
Low Interest
19.
Should you buy a car even though you haven't test driven it yet?
a)
YEs its ok
b)
No, always test drive first
20.
The terms of a loan are always consistent for the length of the loan.
a)
True
b)
False

Similar Resources on Wayground

National 5 BM - People

15 questions

National 5 BM - People

quiz

Worksheet

•

7th - 12th Grade

PHB PKWU 12 IPS - PROMOSI-KONSINYASI

20 questions

PHB PKWU 12 IPS - PROMOSI-KONSINYASI

quiz

Worksheet

•

12th Grade

Business English Units 1-2 Vocabulary

20 questions

Business English Units 1-2 Vocabulary

quiz

Worksheet

•

11th Grade - Professi...

Economic System

20 questions

Economic System

quiz

Worksheet

•

10th Grade

2.1 Functions and Evolution of HRM

16 questions

2.1 Functions and Evolution of HRM

quiz

Worksheet

•

11th - 12th Grade

AQA GCSE BUSINESS

15 questions

AQA GCSE BUSINESS

quiz

Worksheet

•

9th - 12th Grade

McDonalds China

15 questions

McDonalds China

quiz

Worksheet

•

12th Grade