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SOURCES OF FINANCE
Test Description: Test your knowledge and understanding of sources of finance
Instructions: Answer all questions to get your test result.
1) This source of finance is used when buying property.
A
Mortgage
B
Grant
C
Bank overdraft
D
Bank loan
2) This source of finance may cause arguments with relatives if not repaid
A
Grant
B
Personal Savings
C
Bank Loan
D
Family and Friends
3) This source of finance means you have spent more more than you have available.
A
Mortgage
B
Bank Loan
C
Bank Overdraft
D
Grant
4) This source of finance can be obtained from council or business start up organisations and doesn't need to be repaid.
A
Overdraft
B
Loan
C
Grant
D
Mortgage
5) This source of finance means you know your monthly repayments (including interest) and repaid within a year. This allows you to budget your money.
A
Mortgage
B
Grant
C
Personal Savings
D
Loan
6) This source of finance means the owner may not have emergency funds if this money is used.
A
Grant
B
Mortgage
C
Loan
D
Personal Savings
7) Which of the following would require no paper work to be filled in to request money.?
A
grant
B
loan
C
personal savings
D
mortgage
8) Which of the following is NOT a disadvantage of a mortgage
A
forms must be completed to arrange
B
you can take 25 years to repay
C
property may be taken if repayments are not made
D
interest rates may change
9) This source of finance would be used in an emergency as interest rates are high.
A
overdraft
B
grant
C
bank loan
D
mortgage
10) Which of the following sources of finance may not require to be repaid
A
mortgage and grant
B
family and friends and loan
C
personal savings and overdraft
D
grant and family and friends
*select an answer for all questions
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