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Credit and Financial Terms Quiz

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Questions and Answers

What is the PRIMARY purpose of a financial intermediary?

To invest in various assets, including real estate mortgages

To accept deposits and issue loans

To facilitate credit transactions between lenders and borrowers (correct)

To provide financial services to individuals and businesses

Which type of banking institution is typically focused on providing credit to borrowers in rural areas?

Savings and mortgage banking

Commercial banking

Rural banking (correct)

Private development banking

What is the MAIN function of a line of credit provided by a bank?

To invest in various assets, including real estate mortgages

To facilitate economic development through targeted lending

To provide a predetermined amount of funds a bank is willing to lend to a borrower (correct)

To accept deposits from customers

Which type of institution is MOST LIKELY to specialize in automobile financing through installment sales contracts?

Sales finance companies Signup and view all the answers

What is the MAIN purpose of a loan agreement between a business and a bank?

To outline the terms of a loan, including maximum amounts and interest rates Signup and view all the answers

Which type of banking institution is PRIMARILY responsible for accumulating savings from depositors and investing them in various assets, including real estate mortgages?

Savings and mortgage banks Signup and view all the answers

What is the key role of private development banks?

Focusing on economic development and investing in loans for economic growth Signup and view all the answers

In the context of credit, what distinguishes a sales finance company from other financial institutions?

Financing purchases through installment sales contracts Signup and view all the answers

Which institution is primarily responsible for issuing loans and accepting deposits?

Commercial banks Signup and view all the answers

What distinguishes a line of credit from a loan agreement?

Line of credit has no predetermined amount Signup and view all the answers

What is a primary function of savings and mortgage banking institutions?

Accumulating savings from depositors Signup and view all the answers

Which term refers to an arrangement where one party receives money with an agreement to repay it later, often with interest?

Credit Signup and view all the answers