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Types Of Loans
Test Description: Types of loans
Instructions: Answer all questions to get your test result.
1) Certain types of loans should be avoided
A
Open-ended loans
B
Payday loans
C
Conventional Loans
D
Car loans
2) Cannot be borrowed once they've been repaid. Common types of closed-ended loans include mortgage loans, auto loans, and student loans.
A
Unsecured loans
B
Open-ended loans
C
Closed-ended loans
D
Secured loans
3) are short-term loans borrowed using your next paycheck as guarantee for the loan. Payday loans have notoriously high annual percentage rates (APRs) and can be difficult to pay off
A
Car loans
B
Secured loans
C
Open-ended loans
D
Payday loans
4) are loans that rely on an asset as collateral for the loan.Interests rates for secured loans may be lower . Examples Car Loan, house.
A
Payday loans
B
Open-ended loans
C
Unsecured loans
D
Secured loans
5) are loans that you can borrow over and over. Credit cards and lines of credit are the most common types of open-ended loans
A
Open-ended loans
B
Closed-ended loans
C
Unsecured loans
D
Secured loans
6) Make payments on time,Good Job history,Open a Savings account and make regular deposits.
A
Certain types of loans should be avoided
B
Unsecured loans
C
How to build a credit History Score
D
Open-ended loans
7) don't have asset for collateral. These loans may be more difficult to get and have higher interest rates.
A
Unsecured loans
B
Payday
C
Closed-ended loans
D
Open-ended loans
8) Closed-ended loans
A
How to build a credit History Score
B
mortgage loans, auto loans, and student loans. are example of which type of loan
C
Certain types of loans should be avoided
D
Credit cards and lines of credit are example of which type of loan
9) Open-ended loans
A
Certain types of loans should be avoided
B
mortgage loans, auto loans, and student loans. are example of which type of loan
C
mortgage loans, auto loans, and student loans. are example of which type of loan
D
Credit cards and lines of credit are example of which type of loan
10) What does APR stand for
A
Character
B
Financial plans
C
The annual percentage rate (APR)
D
there are state usury laws.
*select an answer for all questions
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