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This quiz will test your knowledge of Section 7 of the training module and will focus on loan basics that will give you a good foundation for learning all other subsequent material.

Questions: 17 | Attempts: 213 | Last updated: Jun 18, 2025

Sample Question 1
A loan is best defined as .

A financial transaction in which one party (a borrower) borrows money from another party (a lender), usually with interest paid to the lender in addition to the principal amount borrowed

The exchange of a commodity for money

The action of buying and selling goods and services

The process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep up mortgage payments

Sample Question 2
Loans on real property generally do not require collateral.

True

False

Sample Question 3
A way of ensuring the lending party does not lose all their money if the borrower does not pay back the money they owe, is also referred to as what?

Collateral

Loan

Mortgage

Line of credit

Loan Quizzes, Questions & Answers

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