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Test your basic knowledge |
Credit
Start Test
Study First
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. Debt that has been incurred primarily for the purchase of consumer goods
bankruptcy Chapter 7
consumer debt
credit cards
grace period
2. Capacity - character and collateral
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3. The amount left over after subtracting - as - for example - the amount owed on a loan (also called principal balance) or the amount in an account
payday loans
repossession
unsecured loans
balance owed
4. A report showing all accumulated credit data on an individual; This is used for granting or denying credit
credit report
credit cards
credit score
lien
5. As related to credit - an evaluatin of a person's net worth
interest (APR)
liquidation
default
collateral
6. One large loan made to consumers to pay several debts at once
revolving credit
consolidation loans
grace period
bankruptcy Chapter 11
7. If the consumer makes the minimum payment - interest charges continue to accrue on all outstanding balances.
mortgage brokers
bank
minimum amount due
usury
8. 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.
mortgage
bank
tax preparers
credit card companies
9. A claim upon property to satisy a debt
credit limit
minimum payment
credit reporting agency
lien
10. The date on which a financial obligation must be repaid
consolidation loans
credit card companies
installment loans/credit
due date
11. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
minimum payment
variable interest
mortgage brokers
line of credit
12. Loans for which the borrower is required to pledge specific assets as collateral or security
consolidation loans
credit reporting agency
secured loans
3 C's of credit
13. An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period
credit rating
minimum amount due
3 C's of credit
line of credit
14. 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
ownership
credit limit
debtors anonymous
collateral
15. The maximum amount of credit a lender will extend to a customer
secured loans
credit limit
APR (Annual Percentage Rate)
credit score
16. Minimum amount due on credit balance
minimum payment
minimum amount due
credit cards
identity theft
17. One that requires you to keep a savings account as security
secured credit card
garnishment
bankruptcy Chapter 7
variable interest
18. 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.
credit cards
bankruptcy Chapter 7
credit reporting agency
credit card companies
19. Aa financial institution that accepts deposits and channels the money into lending activities
bank
liquidation
unsecured loans
default
20. When someone with strong established credit signs a contract along with the borrower
credit reporting agency
grace period
APR (Annual Percentage Rate)
co-signed loans
21. A record of whether or not a person has paid his or her bills on time in the past
secured loans
consolidation loans
credit history
low credit rating
22. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
Consumer Credit Counseling Services (CCCS)
fixed rate of interest
garnishment
identity theft
23. A loan that is repaid with a fixed number of periodic equal-sized payments
penalty
mortgage brokers
installment loans/credit
credit report
24. The process of taking a business' real assets and turning them into cash - either to pay off debt or to reap a personal profit
liquidation
interest (APR)
bankruptcy Chapter 13
mortgage brokers
25. The total amount that a person is charged for borrowing money; includes interest plus any service charges or insurance premiums
co-signed loans
finance charge
garnishment
APR (Annual Percentage Rate)
26. Provided a temporary loan at a high interest rate until your next paycheck
credit cards
Consumer Credit Counseling Services (CCCS)
minimum amount due
payday loans
27. A numerical rating based on person's credit history that represents their credit worthiness
bankruptcy Chapter 7
minimum payment
credit score
payday loans
28. The right to hold - possess - control and dispose of property
credit reporting agency
ownership
PIN (personal identification number)
identity theft
29. Home owners can borrow against the appraised value of their already purchased homes
Truth in Lending Act of 1968
home equity loans
usury
low credit rating
30. A nonprofit agency that gives free advice to people in financial difficulties
liquidation
prepayment
Consumer Credit Counseling Services (CCCS)
bank
31. Deals with debt adjustment or reorganization for individuals - allows people to put forward a plan to repay creditors over time - usually from future income
collateral
mortgage
bankruptcy Chapter 13
finance charge
32. Deals with reorganization of businesses - provides that - unless the court rules otherwise - the debtor remains in possession of the business and in control of its operation
predatory lending
late fee
cash advances
bankruptcy Chapter 11
33. Interest rates are effective annual yields
credit reporting agency
fixed rate of interest
3 C's of credit
auto finance companies
34. The price a borrow pays a creditor for the use of money over a period of time
pawn shops
predatory lending
bankruptcy
interest (APR)
35. An evaluation of a person's credit history
unsecured loans
default
credit rating
co-signed loans
36. Yearly percmet amount it will cost a person to use credit
APR (Annual Percentage Rate)
auto finance companies
liquidation
mortgage
37. Financial organization that specializes in automobile loans to consumers
default
auto finance companies
unsecured loans
penalty
38. Any of a number of fraudulent - deceptive - discriminatory - or unfavorable lending practices. Many of these practices are illegal - while others are legal but not in the best interest of the borrowers.
credit history
PIN (personal identification number)
mortgage
predatory lending
39. A penalty for making a payment after the due date
late fee
APR (Annual Percentage Rate)
grace period
usury
40. Means that the APR can go up or down depending on economic factors
variable rate
default
fixed rate of interest
mortgage
41. 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
bankruptcy Chapter 13
mortgage
revolving credit
overspending
42. A court action in which a portion of an employee's wage is set aside to pay a debt owed a creditor
secured loans
garnishment
finance charge
title for goods
43. The unscheduled partial or complete payment of the principal amount outstanding on a loan - such as a mortgage - before it is due.
prepayment
payday loans
repossession
ownership
44. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)
tax preparers
pawn shops
line of credit
variable rate
45. Puchasing more than your budget allows
finance charge
credit history
overspending
3 C's of credit
46. Bank or business that allows somebody to purchase goods and services and pay for them later - often with interest
credit card companies
low credit rating
credit limit
PIN (personal identification number)
47. Taking away property due to failure to repay the debt
Truth in Lending Act of 1968
tax preparers
Consumer Credit Counseling Services (CCCS)
repossession
48. A payment required for not fulfilling a contract
cash advances
penalty
predatory lending
credit cards
49. A number you choose and use to identify themselves to gain access to various accounts
PIN (personal identification number)
variable rate
Consumer Credit Counseling Services (CCCS)
garnishment
50. A legal document that provides a history of ownership and entitlement by the current owner
APR (Annual Percentage Rate)
variable rate
title for goods
bankruptcy