Finance And Accounting

Question: When does a mortgage payer have to pay a late payment penalty?
A
When the payment is late by 4 days

B
When the payment is late by15 days

C
When the payment is late by the number of days stipulated in the loan agreement

D
Never

Note: Answer not sure
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Question: What is meant by Subprime Lending?
A
Mortgages aimed at the poor/uneducated people at higher interest rates

B
Mortgages aimed at the rich and wealthy

C
Mortgages offered at the fair market rate

D
Mortgages geared towards people with jobs

Note: Answer not sure
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Question: What typically happens if a borrower breaks one of the loan covenants?
A
Nothing

B
The loan becomes 'in default', and can be called by the lender

C
The borrower has to pay double the amount of the loan

D
The IRS will tax the borrower

Note: Answer not sure
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Question: What is the term used when a borrower does not pay back their loan?
A
Recession

B
Default

C
Extraction

D
Extortion

Note: Answer not sure
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Question: What does the term "Foreclosure" denote?
A
The transfer of the seller's existing mortgage to the buyer

B
The process of applying for a mortgage

C
The Legal process by which the lender or the seller forces the sale of a mortgaged property because the borrower has not met the terms of the mortgage.

D
The process of finding undervalued properties for investment purposes

Note: Answer not sure
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Question: How do consumers abuse loan practices?
A
They lie on their credit applications to get better interest rates

B
People obtain loans with no plan to pay them back

C
People use loan funds for purposes other than they should

D
All of these

Note: Answer not sure
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Question: Why have credit cards become a popular method of payment?
A
Because no credit history is required to get a credit card

B
Because they are inexpensive

C
Because regular loans are no longer available to everyday consumers

D
Because they enable a person to make purchases without having any money at the time of the purchases

Note: Answer not sure
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Question: How are borrowers affected by nonpayment of loans?
A
It helps bolster their credit report

B
They get a discount on future loans

C
They are offered additional credit by the lender

D
Their credit report begins to indicate late payments, reducing their ability to receive credit in the future

Note: Answer not sure
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Question: Which of the following is a reason for the proliferation of credit cards?
A
The government promotes the use of credit cards

B
It is healthy for people to spend beyond their means

C
People want to use them for vacations

D
It is easy to apply for and get a credit card

Note: Answer not sure
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Question: How would a 10 year loan show up on a company balance sheet?
A
As a short term liability

B
As a long term liability

C
As an asset

D
As revenue

Note: Answer not sure
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Question: When does a mortgage payer have to pay a late payment penalty?

Question: What is meant by Subprime Lending?

Question: What typically happens if a borrower breaks one of the loan covenants?

Question: What is the term used when a borrower does not pay back their loan?

Question: What does the term "Foreclosure" denote?

Question: How do consumers abuse loan practices?

Question: Why have credit cards become a popular method of payment?

Question: How are borrowers affected by nonpayment of loans?

Question: Which of the following is a reason for the proliferation of credit cards?

Question: How would a 10 year loan show up on a company balance sheet?