Financial and Legal Literacy, Module-1 - Quiz

1) Money borrowed from bank or a person is called ___?.

Tax Gift Interest Loan

2) What is the benefit of paying money regularly for an insurance plan?

It provides free entertainment. It covers travel expenses. It helps us manage emergency situations. It increases monthly savings.

3) The extra amount we pay for borrowing money is _____.

Loan Interest Hidden charges Processing charges

4) Rita wants to complete her higher education from a good university. Which loan should she apply for?

Home loan Personal loan Education loan Auto loan

5) Priya wants to purchase a bike. Which loan should she apply for?

Home loan Personal loan Education loan Auto loan