Which of the Following Are Recommended If You Loan Money

question 61

Multiple Choice

Which of the following are recommended if you loan money to a friend or relative?

• A)Do it in a business-like fashion.
• B)Charge interest if the loan is not to be quickly repaid.
• C)Be sure both parties understand it is a loan, not a gift.
• D)Lend only money you can afford to give away.
• E)All of the above

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Definitions:

Mental Set

A tendency to approach situations in a way that has been successful in the past, potentially hindering the ability to find alternative solutions.

Fill-In-The-Blank

A type of question or statement in assessments and tests that requires participants to supply missing information or words.

Mental Set

A psychological term describing a pattern of approach to a problem in a particular way, often based on past experiences or habits.

Conventional Uses

The typical or standard applications and interpretations of objects, words, practices, etc., as agreed upon by a cultural or social group.