Term Share And Live By JN

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| By Shblake

Shblake

Community Contributor

Quizzes Created: 2 | Total Attempts: 295

Questions: 20 | Attempts: 187 | Updated: Feb 24, 2023

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Questions and Answers

1.

I can have more than one Term Share Loans on my fixed deposit account at one time
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
This statement is false because a Term Share Loan is a type of loan that is secured by the funds in a fixed deposit account. It means that the funds in the fixed deposit account are used as collateral for the loan. Therefore, it is not possible to have multiple Term Share Loans on the same fixed deposit account at the same time.

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2.

If my current STM rate is 0.8% and I wanted to get a loan off it; what would the interest rate be?
- A.
  
  4.8%
- B.
  
  1.8%
- C.
  
  5.3%
- D.
  
  3.8%
Correct Answer
C. 5.3%

Explanation
If the current STM rate is 0.8%, and you want to get a loan off it, the interest rate would be 5.3%. This is because the STM rate is typically lower than the interest rate on loans. The 5.3% interest rate is higher than the 0.8% STM rate, reflecting the additional cost of borrowing money through a loan.

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3.

If my STM loan is in arrears for 90 days or more, what will happen?
- A.
  
  A demand letter will be sent
- B.
  
  Nothing
- C.
  
  I will be given another loan to clear the arrears
- D.
  
  The money in my STM will be used to offset the arrears
- E.
  
  A&D
Correct Answer
A. A demand letter will be sent

Explanation
If a person's STM loan is in arrears for 90 days or more, a demand letter will be sent to them. This letter serves as a formal request for immediate payment of the overdue amount. It is a way for the lender to notify the borrower of their delinquency and to remind them of their obligation to repay the loan. The demand letter may also outline the consequences of continued non-payment, such as legal action or additional penalties.

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4.

What is the maximum term for a Term Share Loan?
- A.
  
  3 years
- B.
  
  36 months
- C.
  
  60 months
- D.
  
  2 years
Correct Answer
C. 60 months

Explanation
The maximum term for a Term Share Loan is 60 months, which is equivalent to 5 years. This means that borrowers can take up to 5 years to repay the loan amount.

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5.

The minimum term for a Term Share Loan is 6 months
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The minimum term for a Term Share Loan being 6 months means that the borrower must hold the loan for at least 6 months before they can repay it. This ensures that the lender has a guaranteed return on their investment for a certain period of time. Therefore, the statement is true.

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6.

I just need my name and the amount in order to pay my Utility bills on Live by JN
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement implies that the person only needs their name and the amount in order to pay their utility bills on Live by JN. However, this is not true as there are likely other important details required such as account number, billing address, and payment method. Therefore, the correct answer is False.

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7.

There is no fee to pay credit cards on Live by JN
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement "There is no fee to pay credit cards on Live by JN" is incorrect. This means that there is a fee associated with paying credit cards on Live by JN.

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8.

If I wanted to send money via Live by JN to a Scotia loan account, I would go to:
- A.
  
  Payments
- B.
  
  Transfers
- C.
  
  Savings
- D.
  
  Loans
Correct Answer
B. Transfers

Explanation
If someone wants to send money via Live by JN to a Scotia loan account, they would need to go to the "Transfers" option. This option allows users to transfer funds from one account to another, which would be the appropriate action for sending money to a loan account. The other options mentioned, such as Payments, Savings, and Loans, do not specifically cater to transferring funds between accounts.

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9.

Which of the following accounts are Term Share Loans not issued against?
- A.
  
  Direct Gain
- B.
  
  Partna Plan
- C.
  
  JN Vacation Account
- D.
  
  None of the above
Correct Answer(s)
B. Partna Plan
C. JN Vacation Account

Explanation
Term Share Loans are not issued against the Partna Plan and JN Vacation Account.

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10.

A term share loan can be issued on a High Yield Account
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
A term share loan can be issued on a High Yield Account because a term share loan is a type of loan that is secured by the funds in a term share account. A term share account is a type of savings account that typically offers higher interest rates than regular savings accounts. By issuing a term share loan on a High Yield Account, the lender can use the funds in the account as collateral for the loan, providing security for the loan and potentially allowing for a lower interest rate for the borrower.

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11.

The only payment which attracts a cost on Live by JN is Credit Card Payments
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement is false because Live by JN incurs a cost for all payment methods, not just credit card payments.

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12.

Live by JN is a service offered to members of all ages with an active account at JNBS
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Live by JN is a service offered to members of all ages with an active account at JNBS. The given statement is false because Live by JN is not offered to members of all ages. It is a service specifically designed for young adults between the ages of 18 and 35. Therefore, the statement is incorrect.

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13.

Which of the following groups of transactions can be paid on Live by JN?
- A.
  
  Credit Card, NHT Contribution Refund, JN Small Business Loan
- B.
  
  Guardian Life Insurance, Credit Card, VMBS Credit Card
- C.
  
  NHT Loan, JN Small Business Loan, Credit Card
- D.
  
  VMBS, Guardian Life, Utility Bills
- E.
  
  None of the above
Correct Answer
C. NHT Loan, JN Small Business Loan, Credit Card

Explanation
The correct answer is NHT Loan, JN Small Business Loan, Credit Card. This group of transactions can be paid on Live by JN.

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14.

What is the fee charged for Credit Card Payment on Live by JN?
- A.
  
  $50
- B.
  
  $100
- C.
  
  $85
- D.
  
  $60
Correct Answer
B. $100

Explanation
The fee charged for Credit Card Payment on Live by JN is $100.

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15.

I can pay Long Mountain Strata Maintenance on Live by JN
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement suggests that the person is able to make payments to Long Mountain Strata Maintenance using Live by JN. This implies that the person has the necessary means and access to make payments through this platform. Therefore, the statement is true.

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16.

1. Live by JN users are able to change the following information on Live by JN once logged in? I. Contact numbers II. Address III. Email address IV. Username V. Password
- A.
  
  I,iii,v
- B.
  
  I,ii,iii
- C.
  
  Ii and iii
- D.
  
  Iii,iv, and v
- E.
  
  All of the above
Correct Answer
A. I,iii,v

Explanation
Users of Live by JN are able to change their contact numbers, email address, and password once they are logged in. This means that options i, iii, and v are correct. They are not able to change their address or username, so options ii and iv are incorrect. Therefore, the correct answer is i, iii, v.

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17.

What is the fee for local funds transfer on Live by JN?
- A.
  
  100
- B.
  
  85
- C.
  
  20
- D.
  
  18
- E.
  
  60
Correct Answer
D. 18

Explanation
The fee for local funds transfer on Live by JN is 18.

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18.

There is a fee to conduct a transfer from a user’s JN account to another member’s JN account
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
There is no fee to conduct a transfer from a user's JN account to another member's JN account.

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19.

A Term Share Loan can be paid after it is added on Live by JN
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
A Term Share Loan is a type of loan that is added on Live by JN, which means it becomes active and available for repayment. Therefore, it is possible to pay off the loan after it has been added on Live by JN. Hence, the statement "A Term Share Loan can be paid after it is added on Live by JN" is true.

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20.

There are no fees attached to late payments for a Term Share Loan
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Late payments for a Term Share Loan are subject to fees.

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Current Version
Feb 24, 2023

Quiz Edited by
ProProfs Editorial Team
Feb 19, 2014

Quiz Created by
Shblake

Term Share And Live By Jn

I can have more than one Term Share Loans on my fixed deposit account at one time

If my current STM rate is 0.8% and I wanted to get a loan off it; what would the interest rate be?

If my STM loan is in arrears for 90 days or more, what will happen?

What is the maximum term for a Term Share Loan?

The minimum term for a Term Share Loan is 6 months

I just need my name and the amount in order to pay my Utility bills on Live by JN

There is no fee to pay credit cards on Live by JN

If I wanted to send money via Live by JN to a Scotia loan account, I would go to:

Which of the following accounts are Term Share Loans not issued against?

A term share loan can be issued on a High Yield Account

The only payment which attracts a cost on Live by JN is Credit Card Payments

Live by JN is a service offered to members of all ages with an active account at JNBS

Which of the following groups of transactions can be paid on Live by JN?

What is the fee charged for Credit Card Payment on Live by JN?

I can pay Long Mountain Strata Maintenance on Live by JN

1. Live by JN users are able to change the following information on Live by JN once logged in? I. Contact numbers II. Address III. Email address IV. Username V. Password

What is the fee for local funds transfer on Live by JN?

There is a fee to conduct a transfer from a user’s JN account to another member’s JN account

A Term Share Loan can be paid after it is added on Live by JN

There are no fees attached to late payments for a Term Share Loan