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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
Bank overdraft
C
Bank loan
D
Grant
2) This source of finance may cause arguments with relatives if not repaid
A
Family and Friends
B
Grant
C
Bank Loan
D
Personal Savings
3) This source of finance means you have spent more more than you have available.
A
Bank Overdraft
B
Bank Loan
C
Mortgage
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
Grant
C
Mortgage
D
Loan
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
Personal Savings
B
Grant
C
Loan
D
Mortgage
6) This source of finance means the owner may not have emergency funds if this money is used.
A
Personal Savings
B
Grant
C
Loan
D
Mortgage
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
you can take 25 years to repay
B
interest rates may change
C
forms must be completed to arrange
D
property may be taken if repayments are not made
9) This source of finance would be used in an emergency as interest rates are high.
A
bank loan
B
mortgage
C
grant
D
overdraft
10) Which of the following sources of finance may not require to be repaid
A
grant and family and friends
B
mortgage and grant
C
family and friends and loan
D
personal savings and overdraft
*select an answer for all questions
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