Test: The Loan Quiz
Category: Education
Description: What do you know about Loans? Find out!
Keywords: loans, mortgages, payday loans, student loans
Student Loans outstanding in the USA total over ____ in debt.
$830 billion
$1.2 trillion
$1.6 trillion
$970 billion
Chapter 12 bankruptcy in the USA refers to:
rehabilitation for family farmers and fishermen
rehabilitation with a payment plan for individuals with a regular source of income
basic liquidation for individuals and businesses
municipal bankruptcy
When a debtor has not met his or her legal obligations according to the debt contract, this is referred to as an
Default
Expiration
Bankruptcy
Payday Loan
The most widely known credit score in the USA is:
FICO
CEFO
VantageScore
CE
Payday loans have a ______ default rate
10-20%
1-5%
5-10%
15-25%
A credit card acts as an ____________ for a consumer.
Line of Credit
Savings Vehicle
Equity Investiment
Secured Loan
In the USA, A loan is considered part of the gross income of the borrower.
True
False
A secured loan is a loan in which the borrower pledges some asset as collateral for the loan.
True
False
This type of loan is used for the purchase of housing
Mortgage Loan
Unsecured Loan
Pre-settlement Loan
Demand Loan
Microcredit is a financial innovation that is generally considered to have originated with the __________
Grameen Bank
Dena Bank
Punjab National Bank
Krishi Bank
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