Test your basic knowledge |

Subject : personal-finance
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Provided a temporary loan at a high interest rate until your next paycheck






2. A number you choose and use to identify themselves to gain access to various accounts






3. Interest rates are effective annual yields






4. A numerical rating based on person's credit history that represents their credit worthiness






5. Home owners can borrow against the appraised value of their already purchased homes






6. A card used for making payments; balance must be paid in full when the statement is received






7. Puchasing more than your budget allows






8. An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period






9. A period in which a debt may be paid without accruing further interest or penalty






10. A nonprofit agency that gives free advice to people in financial difficulties






11. Provides a uniform manner of calculating and presenting the terms of consumer loans to enable you to compare costs so you can make informed choices about credit






12. Capacity - character and collateral


13. The unscheduled partial or complete payment of the principal amount outstanding on a loan - such as a mortgage - before it is due.






14. Is a loan that does not require collateral from the borrower






15. A report showing all accumulated credit data on an individual; This is used for granting or denying credit






16. A legal document that provides a history of ownership and entitlement by the current owner






17. Money lent: a loan given in cash - especially by an employer or credit card company - in anticipation of the borrower's being able to repay it






18. A court action in which a portion of an employee's wage is set aside to pay a debt owed a creditor






19. A company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses. It is an organization providing information on individuals' borrowing and bill paying habits.






20. Financial organization that specializes in automobile loans to consumers






21. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.






22. Means that the APR can go up or down depending on economic factors






23. The total amount that a person is charged for borrowing money; includes interest plus any service charges or insurance premiums






24. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt






25. If the consumer makes the minimum payment - interest charges continue to accrue on all outstanding balances.






26. Aa financial institution that accepts deposits and channels the money into lending activities






27. Dealing with liquidation - provides for a court-appointed interim trustee to make management changes - arrange unsecured financing - and generally operate the debtor business to prevent loss.






28. The maximum amount of credit a lender will extend to a customer






29. A payment required for not fulfilling a contract






30. A record of whether or not a person has paid his or her bills on time in the past






31. The process of taking a business' real assets and turning them into cash - either to pay off debt or to reap a personal profit






32. A credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card. As credit is paid off - it becomes available again to use for another purchase or cash advance






33. When someone with strong established credit signs a contract along with the borrower






34. Failure to repay a debt






35. A long-term loan extended to someone who buys property






36. The act of lending money at an interest rate higher than that permitted by law






37. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)






38. Legal process that allows someone deeply in debt to create a plan to repay their debts






39. A loan that is repaid with a fixed number of periodic equal-sized payments






40. The right to hold - possess - control and dispose of property






41. The date on which a financial obligation must be repaid






42. One that requires you to keep a savings account as security






43. A penalty for making a payment after the due date






44. As related to credit - an evaluatin of a person's net worth






45. A claim upon property to satisy a debt






46. Use their knowledge of federal - state - and local tax codes and publications to prepare tax returns and make sure that their clients do not pay unnecessary taxes.






47. Is a fellowship of men and women who share their experience - strength - and hope with each other that they may solve their common problem and help others to recover from compulsive debting. The only requirement for membership is a desire to stop inc






48. Bank or business that allows somebody to purchase goods and services and pay for them later - often with interest






49. One large loan made to consumers to pay several debts at once






50. An evaluation of a person's credit history