WorksheetsBorrowing Basics - Final Assessment
Total questions: 10
Worksheet time: 5mins
Which of the following provides international banking to multinational corporations?
Federal bank
Merchant bank
Peer-to-peer lending
Interest banking
Which of the following requires the borrower to offer a securement to the lender, in case they do not repay the loan?
Credit card
Collateral
Character
Paycheck
Which of the following is NOT a credit report mistake which can occur?
Incorrect payment status
Outdated information
Recent public records
Misinformation of personal records
Which of the following is NOT considered a bad borrowing habit?
Spending more than can be earned
Ignoring credit reports
Failing to budget
Reviewing debt periodically
Which of the following is an example of revolving credit?
Credit card
Student loan
Mortgage
Auto loan
Which of the following credit scores are considered fair?
Below 600
630 to 689
690 to 719
Above 720
Which of the following is also known as social lending or crowd lending?
Peer-to-peer lending
Pay day lending
Title loans
Collateral
Which of the following is NOT a way to reduce the borrowing cost of a loan?
Shortening the length of term
Shopping around for a low interest rate
Putting down a higher down payment
Making a lower principal payment
Which of the following types of loan is issued when the borrower promises an asset of equal or higher value for the loan?
Collateralized loan
Pay day loan
Interest loan
Peer-to-peer loan
Which of the following is the first step of the borrowing process?
Applying for a loan
Selecting the right loan program
Determining the amount to borrow
Processing the loan
