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Loans

Quiz by Diorando Obar

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15 questions
Show answers
  • Q1
    What is the main difference between a business loan and a consumer loan?
    The loan amount
    The repayment terms
    The purpose of the loan
    The interest rates
    30s
  • Q2
    What is collateral in the context of a loan?
    The interest charged on the loan
    The monthly repayment amount
    The loan application form
    Something of value pledged by the borrower to secure the loan
    30s
  • Q3
    What is the purpose of a business loan?
    Financing consumer purchases
    Funding personal expenses
    Providing financial assistance to businesses
    Investing in stocks
    30s
  • Q4
    What is the credit score used for in the loan application process?
    Verifying the borrower's income
    Determining the loan amount
    Assessing the borrower's creditworthiness
    Setting the interest rate
    30s
  • Q5
    What is the purpose of a consumer loan?
    Investing in stocks
    Providing financial assistance to businesses
    Consolidating business debts
    Funding personal expenses or purchases
    30s
  • Q6
    What is the interest rate typically higher on? A business loan or a consumer loan?
    A consumer loan
    A business loan
    There are no interest rates on loans
    Both have the same interest rate
    30s
  • Q7
    What is the loan term?
    The loan amount
    The interest charged on the loan
    The duration for which the loan is provided
    The collateral required
    30s
  • Q8
    What is the interest rate typically associated with a business loan?
    Business loans have higher interest rates compared to consumer loans.
    Business loans have fixed interest rates across all lenders.
    Business loans do not charge any interest.
    The interest rate for a business loan can vary depending on factors such as the borrower's creditworthiness, loan amount, and the prevailing market rates.
    30s
  • Q9
    What is the term 'principal' referring to in a consumer loan?
    The initial amount of money borrowed by the borrower.
    The credit score requirement for obtaining a consumer loan.
    The total amount of money borrowed over time.
    The interest charged on a consumer loan.
    The monthly payment made by the borrower.
    30s
  • Q10
    What is the APR in a consumer loan?
    The term length of the consumer loan.
    The monthly payment made by the borrower.
    The amount of money borrowed in a consumer loan.
    The Annual Percentage Rate (APR) represents the true cost of borrowing, including both the interest rate and any additional fees or charges.
    The credit score requirement for obtaining a consumer loan.
    30s
  • Q11
    What is the interest rate for a business loan?
    The same rate for all businesses.
    It depends on various factors and can vary from lender to lender.
    Zero interest rate.
    A fixed percentage determined by the government.
    30s
  • Q12
    What is a chatel mortgage?
    A mortgage with a fixed interest rate.
    A type of mortgage where movable personal property is used as collateral.
    A mortgage that allows you to pay off the loan early without penalties.
    A type of mortgage that only applies to commercial properties.
    30s
  • Q13
    What is the difference between a chatel mortgage and a traditional mortgage?
    A chatel mortgage requires a shorter repayment period than a traditional mortgage.
    A chatel mortgage uses movable personal property as collateral, while a traditional mortgage uses real estate as collateral.
    A chatel mortgage allows you to borrow more money compared to a traditional mortgage.
    A chatel mortgage is only available for commercial properties, while a traditional mortgage is for residential properties.
    A chatel mortgage has a higher interest rate compared to a traditional mortgage.
    30s
  • Q14
    What is a common requirement for businesses to qualify for a loan?
    Having a perfect credit score
    Owning a personal residence
    A solid business plan
    Being in operation for at least 10 years
    30s
  • Q15
    What is the role of a cosigner in a business loan?
    To provide additional guarantee for loan repayment
    To share ownership of the business
    To increase the loan interest rate
    To provide additional funding
    30s

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