Test: The Loan Quiz
Category: Education
Description: What do you know about Loans? Find out!
Keywords: loans, mortgages, payday loans, student loans
A credit card acts as an ____________ for a consumer.
Line of Credit
Savings Vehicle
Equity Investiment
Secured Loan
Student Loans outstanding in the USA total over ____ in debt.
$830 billion
$1.2 trillion
$1.6 trillion
$970 billion
In the USA, A loan is considered part of the gross income of the borrower.
True
False
This type of loan is used for the purchase of housing
Mortgage Loan
Unsecured Loan
Pre-settlement Loan
Demand Loan
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
The most widely known credit score in the USA is:
FICO
CEFO
VantageScore
CE
A secured loan is a loan in which the borrower pledges some asset as collateral for the loan.
True
False
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
Microcredit is a financial innovation that is generally considered to have originated with the __________
Grameen Bank
Dena Bank
Punjab National Bank
Krishi Bank
Payday loans have a ______ default rate
10-20%
1-5%
5-10%
15-25%
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