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Comprehensive Finance Quiz: Understanding Loans and Credit Unions

Test your knowledge with this comprehensive finance quiz covering essential topics related to loans, credit unions, and interest rates. From identifying commercial banks and term loans to understanding short-term loans and borrower rights, this quiz is designed to enhance your understanding of the financial landscape. Challenge yourself with true/false statements and detailed questions about loan processes, interest types, and insurance concepts. Great for students, professionals, or anyone looking to strengthen their financial literacy!

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Comprehensive Finance Quiz: Understanding Loans and Credit Unions

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Presentation Transcript

  1. Quiz

  2. Round 1, Question 1 • Give an example of a Commercial bank

  3. Round 1, Question 2 • Where can a person borrow? *Please note you cannot say bank!

  4. Round 1, Question 3 • Give an example of a short term loan

  5. Round 1, Question 4 • How long can a “Term Loan” be taking out for?

  6. Round 1, Question 5 • Give one example of a Long Term Loan.

  7. Round 2, Question 1 • What is the name given to people who have joined a Credit Union?

  8. Round 2, Question 2 • Where can a person get a loan if a financial intuition will not provide one?

  9. Round 2, Question 3 • Which financial intuition gives the lowest interest on a loan?

  10. Round 2, Question 4 • What is the name of the form a person must fill in when looking to take out a loan?

  11. Round 2, Question 5 • The interest stays the same year on year. • What type of Interest is this?

  12. Round 3, Question 1 • True or False • A borrower must be told how much interest they will be charged/paid?

  13. Round 3, Question 2 • True or False • Borrowers do not have to be told how much the end cost will be? (Cost of loan + Interest)

  14. Round 3, Question 3 • True or False • A borrower doesn't have to be told if they must pay a deposit or a final payment at the end of a loan.

  15. Round 3, Question 4 • True or False • The borrower must make sure they fully pay back the loan

  16. Round 3, Question 5 • True or False • APR stand for Annual Profit Rate

  17. Round 4, Question 1 • The quote for Credit Purchase is what? • Buy Now Pay Soon • Buy Now Pay Tomorrow • Buy Now Pay Never • Buy Now Pay Later • Buy Now Pay Late

  18. Round 4, Question 2 • I'm like renting but you will end up owning the good. What am I?

  19. Round 4, Question 3 • A fee paid for insurance is what?

  20. Round 4, Question 4 • A Proposal form is what?

  21. Round 4, Question 5 • Salary Protection Insurance is what type of Insurance?

  22. Time to correct!!

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