Financial and Legal Literacy, Module-1 - Practice Mode

1) Money borrowed from bank or a person is called ___?.
Correct Answer: Loan
2) What is the benefit of paying money regularly for an insurance plan?
Correct Answer: It helps us manage emergency situations.
3) The extra amount we pay for borrowing money is _____.
Correct Answer: Interest
4) Rita wants to complete her higher education from a good university. Which loan should she apply for?
Correct Answer: Education loan
5) Priya wants to purchase a bike. Which loan should she apply for?
Correct Answer: Auto loan
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