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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

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

True False

The most widely known credit score in the USA is:

FICO CEFO VantageScore CE

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

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

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

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

This type of loan is used for the purchase of housing

Mortgage Loan Unsecured Loan Pre-settlement Loan Demand Loan

A credit card acts as an ____________ for a consumer.

Line of Credit Savings Vehicle Equity Investiment Secured Loan

Payday loans have a ______ default rate

10-20% 1-5% 5-10% 15-25%

Microcredit is a financial innovation that is generally considered to have originated with the __________

Grameen Bank Dena Bank Punjab National Bank Krishi Bank