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Test: The Loan Quiz

Category: Education

Description: What do you know about Loans? Find out!

Keywords: loans, mortgages, payday loans, student loans

Relevant Website: http://en.wikipedia.org/wiki/Loan

In the USA, A loan is considered part of the gross income of the borrower.

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

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

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

The most widely known credit score in the USA is:

FICO CEFO VantageScore CE

This type of loan is used for the purchase of housing

Mortgage Loan Unsecured Loan Pre-settlement Loan Demand Loan

Student Loans outstanding in the USA total over ____ in debt.

$830 billion $1.2 trillion $1.6 trillion $970 billion

A secured loan is a loan in which the borrower pledges some asset as collateral for the loan.

True False

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