Risks of Borrowing (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does borrowing money involve according to the risks of borrowing?
What does borrowing money involve according to the risks of borrowing?
Taking on significant responsibilities
What are financial institutions in Ireland legally required to do?
What are financial institutions in Ireland legally required to do?
Provide warnings about lending risks
What is at risk if you don't keep up payments on a mortgage or secured loan?
What is at risk if you don't keep up payments on a mortgage or secured loan?
Your home
What is described as one of the most serious consequences of borrowing?
What is described as one of the most serious consequences of borrowing?
Losing your home
Which is NOT mentioned as a circumstance that can make loan repayments difficult?
Which is NOT mentioned as a circumstance that can make loan repayments difficult?
Getting a promotion
What is debt?
What is debt?
A sum of money that is owed or overdue
What happens to interest when you cannot repay borrowed money?
What happens to interest when you cannot repay borrowed money?
It continues to build up
What does arrears mean?
What does arrears mean?
One or more repayments are late/unpaid
What will definitely be damaged when your account goes into arrears?
What will definitely be damaged when your account goes into arrears?
Your credit rating
What could you lose in serious cases of arrears?
What could you lose in serious cases of arrears?
Assets like your home or car
What should you do immediately if you're struggling with repayments?
What should you do immediately if you're struggling with repayments?
Contact your lender
What does MABS stand for?
What does MABS stand for?
Money Advice and Budgeting Service