Banking Financial Awareness ยท Commerce Accountancy

Credit, Debt, and Finance

1,382 Questions

This topic covers essential concepts of credit, debt, and finance including bankruptcy, debt recovery, and financial acts. These questions are frequently asked in banking and IBPS exams. Test your knowledge of financial terminology and loan classifications.

Debt recovery actsBankruptcy filing proceduresFinancial classificationsMedium term financeCredit loss management

Credit, Debt, and Finance Questions

Multiple choice

Which of the following is NOT a type of federal student loan repayment plan?

  1. Standard Repayment Plan

  2. Graduated Repayment Plan

  3. Extended Repayment Plan

  4. Income-Driven Repayment Plan
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Graduated Repayment Plan is not a type of federal student loan repayment plan. The other three options are all available to federal student loan borrowers.

Multiple choice

Which of the following statements about the Parent PLUS Loan program is FALSE?

  1. It is a federal student loan program.

  2. It is available to parents of dependent undergraduate students.

  3. It has a higher interest rate than Direct PLUS Loans.

  4. It does not require a credit check.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Parent PLUS Loans do require a credit check. Applicants must have a good credit history in order to qualify for the loan.