Money Shops & Mortgage Quiz
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The aim of this quiz is to assess your knowledge of our Money Shops and the loan acquisition process
- 1.
What is a JN Moneyshop?
- A.
A JN Moneyshop is a convenient service oriented “community bank” geared to providing quick service to members and customers to access most JNBS products and services, along with other services.
- B.
Money shops operate as part of the JNBS network of distribution channels, but offer extended hours.
- C.
A & B
- D.
None of the above
Correct Answer
C. A & BExplanation
A JN Moneyshop is a service-oriented "community bank" that offers quick access to JNBS products and services, as well as other services. It operates as part of the JNBS network but has extended hours compared to other distribution channels. The correct answer is A & B because a JN Moneyshop is both a convenient service-oriented "community bank" and part of the JNBS network of distribution channels with extended hours.Rate this question:
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- 2.
Which two (2) branches were recently rebranded JN Moneyshop?
- A.
Montego Bay
- B.
Portmore Pines
- C.
Port Maria
- D.
All of the above
Correct Answer(s)
A. Montego Bay
B. Portmore PinesExplanation
Montego Bay and Portmore Pines were recently rebranded as JN Moneyshop.Rate this question:
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- 3.
Which date was the rebranding of the Money Shops done?
- A.
June 14, 2014
- B.
July 7, 2014
- C.
July 30, 2014
- D.
July 14, 2014
Correct Answer
B. July 7, 2014Explanation
The correct answer is July 7, 2014. This is the date when the rebranding of the Money Shops was done.Rate this question:
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- 4.
Jamaica National now has 19 money shops
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement "Jamaica National now has 19 money shops" implies that Jamaica National currently has 19 locations where customers can access their services. Therefore, the correct answer is True, indicating that the statement is accurate.Rate this question:
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- 5.
Select which ones are JN Money Shops
- A.
Barbican
- B.
JN Financial Services Montego Bay
- C.
Junction
- D.
Spanish Town
- E.
St. Ann's Bay
Correct Answer(s)
A. Barbican
C. Junction
D. Spanish Town
E. St. Ann's BayExplanation
The JN Money Shops are located in Barbican, Junction, Spanish Town, and St. Ann's Bay. These locations are specifically mentioned in the list provided. Therefore, these are the correct answers for the question.Rate this question:
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- 6.
Select the correct answers for operations of the Money Shops that are opened on Saturdays
- A.
Will only process Teller Transaction
- B.
You can apply for an ATM Card at any of the locations
- C.
All the locations closes at 1:00 pm
- D.
No customer service
Correct Answer(s)
A. Will only process Teller Transaction
D. No customer serviceExplanation
The correct answer is "will only process Teller Transaction" and "No customer service". This is because the statement "will only process Teller Transaction" indicates that only cash transactions will be handled at the Money Shops on Saturdays. Additionally, the statement "No customer service" suggests that there will be no assistance or support available for customers on Saturdays.Rate this question:
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- 7.
Which of the following Money Shops are open on a Saturday?
- A.
Spanish Town
- B.
Highgate
- C.
Barbican
- D.
Tivoli
- E.
HWT
Correct Answer(s)
B. Highgate
C. Barbican
D. Tivoli
E. HWTExplanation
Highgate, Barbican, Tivoli, and HWT are the Money Shops that are open on a Saturday.Rate this question:
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- 8.
What is the fee charged when doing transactions on Saturdays at the Money Shops?
- A.
$50
- B.
$100
- C.
$150
- D.
$200
Correct Answer
C. $150Explanation
The fee charged when doing transactions on Saturdays at the Money Shops is $150.Rate this question:
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- 9.
What is a mortgage?
- A.
A debt instrument which creates an interest in specified real property to secure the repayment of a loan of money
- B.
Using a title to secure a loan to purchase a solar water heater
- C.
A. & B
- D.
None of the above
Correct Answer
C. A. & BExplanation
The correct answer is A. & B. A mortgage is a debt instrument that creates an interest in specified real property to secure the repayment of a loan of money. It is also possible to use a title to secure a loan to purchase a solar water heater. Both options A and B accurately describe the concept of a mortgage.Rate this question:
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- 10.
Which of the following is true about JN Mortgages
- A.
My 17 year old daughter who has her driver's license can access a mortgage
- B.
A registered Company, Churches, Employees and affiliated parties can access mortgages
- C.
Only persons who have a Savings Account with Jamaica National can access a mortgage
- D.
Persons who are unemployed can get a home loan
Correct Answer
B. A registered Company, Churches, Employees and affiliated parties can access mortgagesExplanation
The correct answer is that registered companies, churches, employees, and affiliated parties can access mortgages. This means that these entities or individuals are eligible to apply for and obtain a mortgage from JN Mortgages. It does not mention anything about age, driver's license, having a savings account with Jamaica National, or being unemployed as requirements for accessing a mortgage.Rate this question:
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- 11.
What is my mortgage payment comprised of?
- A.
Principal & Interest
- B.
Peril and/or Life Insurance premiums
- C.
Upkeep (if applicable)
- D.
A. B. & C.
Correct Answer
D. A. B. & C.Explanation
The correct answer is A. B. & C. This means that a mortgage payment is comprised of Principal & Interest, Peril and/or Life Insurance premiums, and Upkeep (if applicable). This suggests that when making mortgage payments, the borrower is not only paying off the principal amount borrowed and the interest charged on it but also covering insurance premiums and any maintenance costs associated with the property.Rate this question:
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- 12.
Which of the follow determine the amount you can afford?
- A.
Your income, which determines the size mortgage that you can qualify for
- B.
Funds being deposited monthly to your Savings account
- C.
Mortgage payment should not exceed 1/3 of your gross monthly income
- D.
Income after deducting expenses should be able to cover monthly payment
Correct Answer(s)
A. Your income, which determines the size mortgage that you can qualify for
C. Mortgage payment should not exceed 1/3 of your gross monthly income
D. Income after deducting expenses should be able to cover monthly paymentExplanation
The amount you can afford is determined by your income, as it determines the size of the mortgage you can qualify for. Additionally, your mortgage payment should not exceed 1/3 of your gross monthly income, ensuring that it is manageable within your budget. Lastly, your income after deducting expenses should be able to cover the monthly payment, ensuring that you have enough financial stability to meet your mortgage obligations.Rate this question:
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- 13.
What is the Joint Financing Mortgage Program (JFMP)?
- A.
Two persons applying for a Mortgage Loan
- B.
This is a partnership between the National Housing Trust and JNBS
- C.
Processing your mortgage at two different Institutions
- D.
None of the above
Correct Answer
B. This is a partnership between the National Housing Trust and JNBSExplanation
The Joint Financing Mortgage Program (JFMP) is a partnership between the National Housing Trust and JNBS. This program allows two persons to apply for a Mortgage Loan together. The partnership between these two organizations ensures that individuals have access to financing options for purchasing a home.Rate this question:
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- 14.
What is the maximum financing for a Home Loan?
- A.
95%
- B.
85%
- C.
75%
- D.
90%
Correct Answer
D. 90%Explanation
The maximum financing for a Home Loan is 90%. This means that the lender is willing to finance up to 90% of the total cost of the home. The remaining 10% will need to be paid by the borrower as a down payment. This percentage is considered reasonable as it allows borrowers to secure a significant portion of the financing while also requiring them to have some equity in the property.Rate this question:
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- 15.
The maximum term for a home loan is 40 years and the maximum age is 65
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because the maximum term for a home loan is typically 30 years, not 40 years. Additionally, the maximum age for obtaining a home loan is usually 70 years, not 65 years.Rate this question:
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- 16.
The maximum financing for purchasing land with infrastructure is 50%
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. The maximum financing for purchasing land with infrastructure is not 50%. This means that the financing available for purchasing land with infrastructure can be more than 50%.Rate this question:
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- 17.
Which of the following can be classified as an equity loan?
- A.
A loan for my chil'd tuition
- B.
A loan to purchase a home
- C.
A loan to pay hospital fees
- D.
A loan to purchase an office building
Correct Answer(s)
A. A loan for my chil'd tuition
C. A loan to pay hospital feesExplanation
An equity loan is a type of loan that allows the borrower to use the equity they have in an asset as collateral. In this case, neither a loan for a child's tuition nor a loan to pay hospital fees can be classified as an equity loan because they do not involve using the equity in an asset as collateral. Instead, they are more likely to be classified as personal loans or medical loans.Rate this question:
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- 18.
Persons interested in acquiring a mortgage should be transferred to Mortgage Services
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The correct answer is False because the statement suggests that all persons interested in acquiring a mortgage should be transferred to Mortgage Services, which may not be true. Not all individuals interested in acquiring a mortgage may need to be transferred to Mortgage Services. Some may require different services or may not be eligible for a mortgage at all. Therefore, it is not accurate to say that all persons interested in acquiring a mortgage should be transferred to Mortgage Services.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 10, 2024Quiz Edited by
ProProfs Editorial Team -
Jul 24, 2014Quiz Created by
Shblake
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