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WorksheetsYr 9 Borrowing
Total questions: 10
Worksheet time: 13mins
Which of the following is NOT one of the main financial institutions that lend money?
Building societies
Credit Unions
Art societies
Your relative
Banks
Unsecured loans use ___ as a security for repayments risk
A high interest rate
An asset
Mortgage loan is a loan you take to ...
...purchase a boat
...use for personal spending
...purchase a house
...pay for tuition fees
Writing a cheque greater than the amount in your bank account is a ...
Bank overdraft
Regular cheque
Credit notes
What should you do when reaching a credit limit on your credit card?
Apply for a new one
Ask for a 17th credit card, just like the girl from Dr Phil...why not?!
Wait for a notice letter from the bank
Pay off the amount before the due date
Why do major retailers charge their customers a higher interest rate on store credit cards?
To be better than a bank
To be different among their competitors
Greater risk of customer default
They are scared of the girl from Dr Phill to come back shopping
Payday loan is ...
*(you know this one)
Taking a loan from your employer before you get paid
A loan taken from a bank with a condition to pay it off with your next wage money
Money borrowed on the day you are paid from work
A payment made for use of money that has been borrowed is ....
An interest
A deposit
A bond
You want to buy a new laptop that costs $2500 or $500 deposit plus $202/month for 12 months. Calculate cost of credit.
322
563
424
467
If the full price of a kettle is $119 and a cost of credit is $11 over 3 months of loan repayments, then an interest rate charged is ...
9%
15%
11%
23%
