If you borrow money from a lender and agree to pay it back later, you have a

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Study for the 6th Grade Financial Literacy Test. Explore interactive quizzes and multiple-choice questions with insightful explanations. Prepare effectively today!

Multiple Choice

If you borrow money from a lender and agree to pay it back later, you have a

Explanation:
A loan is money you borrow from a lender with the agreement to pay it back later, usually with interest. This matches the idea of borrowing now and repaying in the future. The other options describe different things: salary is money you earn from work, taxes are payments to the government, and a check register is a record of checks you’ve written. For example, borrowing $50 from the bank and paying it back later is a loan.

A loan is money you borrow from a lender with the agreement to pay it back later, usually with interest. This matches the idea of borrowing now and repaying in the future.

The other options describe different things: salary is money you earn from work, taxes are payments to the government, and a check register is a record of checks you’ve written. For example, borrowing $50 from the bank and paying it back later is a loan.

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