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Questions and Answers
Which of the following best describes credit?
Which of the following best describes credit?
- An arrangement to receive goods or services and pay for them in the future (correct)
- A specific type of loan for buying property
- A type of borrowing that requires regular repayments with interest
- A facility that allows spending more money than is available in a bank account
What are the four common types of credit mentioned in the text?
What are the four common types of credit mentioned in the text?
- Borrowing, repayments, mortgages, and overdrafts
- Fixed periods, certain rates of interest, credit cards, and personal purchases
- Mortgages, loans, overdrafts, and credit cards (correct)
- Personal purchases, speedboats, mortgages, and loans
What happens if you don't keep up with your repayments on a mortgage?
What happens if you don't keep up with your repayments on a mortgage?
- You can renegotiate the terms of the mortgage
- You can use an overdraft to cover the missed payments
- You could lose your home (correct)
- You will be charged additional interest
What is an overdraft?
What is an overdraft?
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Why do people typically get loans?
Why do people typically get loans?
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