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LIBF unit 2 topic 9

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

Want or Need?

a)
b)
2.
Own your own business
a)
Short Term
b)
Long Term
3.
Go to the movies
a)
Short Term
b)
Long Term
4.

Liz and Rob purchased a house for $565,000. They put 20% down on the house. What was their down payment?

a)

$113,000

b)

$452,000

c)

$11,300

d)

$553,700

5.

What is debt?

a)

Another word for death

b)

Something, typically money, that is owed or due

c)

A loan on which you do not have to pay interest

d)

That which is incurred during childhood and consummated in college

6.
What type of mortgage is best when buying a home?
a)
Fixed Rate 30 year mortgage
b)
Fixed Rate 15 year mortgage
c)
Adjustable Rate Mortgage
d)
Balloon Mortgage
7.

You can do everything with a debit card that you can do with a credit card except:

a)

Rent a car

b)

Buy a car

c)

Go into debt

d)

Buy stuff on Amazon

8.
A majority of students receive student loans/aid to help pay for college
a)
True
b)
False
9.

what is a bank overdraft?

a)

it is a value title that offers the possibility of saving money for certain time

b)

It isn´t a payment operation carried out by a bank to cover payments.

c)

it is a bank loan with an indefinite term

d)

It is a payment operation carried out by a bank to cover payments.

10.

What are payday loans

a)

A loan you repay on your payday.

b)

Short term unsecured loan with very high interest rates.

c)

Short term secured loan with very high interest rates.

d)

Short term loan with low interest rates.