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What is a loan made to supply temporary funds to use before long term financing is acquired?

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Asset-based loan.

Acquisition loan.

Refinancing loan.

Bridge loan.

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Is an interest rate for an unsecured loan typically higher or lower?

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Higher.

Lower.

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A loan drawn to purchase property or another company is a...

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Construction loan.

Acquisition loan.

Development loan.

Refinancing loan.

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What is Lending?

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Explanation

Lending is allowing someone to borrow something with the mutual understanding that the borrower will return it.

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Giving someone money to invest.

Allowing someone to borrow something.

Allowing someone to borrow something with the expectation that it will be returned.

A gift from one person to another.

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What is an installment loan?

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A loan that does not have to be paid by a specific date.

A loan that is repaid in smaller amounts over time.

A loan that has a short-term repayment date.

A loan drawn to invest in a company.

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Does the interest change on a fixed-rate mortgage overtime?

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Yes.

No.

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What is the maximum the SBA will loan a business owner?

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$1 million.

$2 million.

$500,000.

$200,000.

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What is a mortgage loan?

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A loan made to purchase real estate.

A loan made to purchase businesses.

A loan made to purchase a vehicle.

A loan made to purchase objects.

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What is the principal of a loan?

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Explanation

Interest = Principal X Rate X Time

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The set amount of interest generated on the loan

The bank giving out the loan.

The person giving out the loan.

The original amount loaned to the customer.

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What is the purpose of the Export-Import bank?

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Help businesses export American goods to other countries.

Tax exports and imports.

Exports and Imports currency for businesses.

Help businesses import goods from foreign countries.

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What down payment does the FHA promise?

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3% or less.

4% or more.

35% or more.

1% or less.

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Why do banks lend money?

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To stimulate the economy.

To be a friend to their customers.

To help people out in tough times.

To generate interest on the money lent.

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What is an open-ended loan?

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A loan that has to be paid by a certain date.

A loan that does not have to be paid in full by a specific date.

A loan that has a long-term repayment date.

A loan that does not have to be repaid.

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What is a secured loan backed by?

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The borrowers income.

The borrowers connections.

The borrowers property.

The borrowers assets.

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Is a signature loan secure or unsecured?

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Secured.

Unsecured.