Loans (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
ShowHide
Practise the questions
13 questions from this quiz
What is a loan?
What is a loan?
Money borrowed, repaid with interest
How long is the repayment period for a mid-term loan?
How long is the repayment period for a mid-term loan?
1-5 years
How long is the repayment period for a long-term loan?
How long is the repayment period for a long-term loan?
More than 5 years
What is collateral?
What is collateral?
An asset pledged if loan not repaid
What is a guarantor?
What is a guarantor?
Someone who repays if borrower can't
How long is a mortgage typically repaid over?
How long is a mortgage typically repaid over?
20-30 years
What deposit must Irish first-time buyers provide for a mortgage up to €220,000?
What deposit must Irish first-time buyers provide for a mortgage up to €220,000?
At least 10%
What type of information is NOT required on a loan application?
What type of information is NOT required on a loan application?
Your favourite hobbies
What does the Irish Credit Bureau (ICB) do?
What does the Irish Credit Bureau (ICB) do?
Reviews your credit rating
If you borrow €3,000 and repay €3,360, what is the cost of the loan?
If you borrow €3,000 and repay €3,360, what is the cost of the loan?
€360
What does APR stand for and allow you to do?
What does APR stand for and allow you to do?
Annual Percentage Rate; compare lenders
How long is the cooling-off period after signing a loan agreement?
How long is the cooling-off period after signing a loan agreement?
14 days
Which is a key responsibility of borrowers?
Which is a key responsibility of borrowers?
Provide truthful application info