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Questions and Answers
Which of the following best describes a bank loan?
Which of the following best describes a bank loan?
- A loan provided by a private lender to an individual or business
- A loan provided by a government agency to an individual or business
- A loan provided by a bank to an individual or business (correct)
- A loan provided by a credit union to an individual or business
What is the purpose of a bank loan?
What is the purpose of a bank loan?
- To encourage individuals and businesses to invest in the stock market
- To help individuals and businesses save money
- To provide financial assistance to individuals and businesses (correct)
- To promote economic growth in the country
Who can apply for a bank loan?
Who can apply for a bank loan?
- Only businesses
- Only government agencies
- Only individuals
- Both individuals and businesses (correct)
Flashcards
Bank Loan
Bank Loan
A loan provided by a bank to an individual or business.
Purpose of a Bank Loan
Purpose of a Bank Loan
To provide financial assistance to individuals and businesses for various purposes like investments or operations.
Who Can Apply for a Bank Loan?
Who Can Apply for a Bank Loan?
Both individuals and businesses can apply for a bank loan, depending on their financial needs and eligibility.
Study Notes
Bank Loans
- A bank loan is a type of credit that enables individuals or businesses to borrow money from a bank to finance various needs or projects.
- The purpose of a bank loan is to provide financial assistance to individuals or businesses to meet their financial obligations, invest in a business, or make a large purchase.
- Both individuals and businesses can apply for a bank loan, as long as they meet the bank's eligibility requirements and can provide necessary documentation.
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