Question : A form of financial service which provides small loans and other financial services to poor and low-income households is called _____.
Option 1: microfinance
Option 2: commercial mortgage
Option 3: invoice financing
Option 4: personal finance
Correct Answer: microfinance
Solution : The correct answer is microfinance.
A form of financial service that provides small loans and other financial services to poor and low-income households is typically referred to as "microfinance". Microfinance institutions (MFIs) aim to help empower individuals in impoverished communities by offering them access to financial resources, including small loans, savings accounts and other financial products.
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