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






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






3. Loans for which the borrower is required to pledge specific assets as collateral or security






4. Provided a temporary loan at a high interest rate until your next paycheck






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






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






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






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






9. 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






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






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






12. Provides individuals with revolving open-end credit - which they can draw from repeatedly up to some preset limit






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






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






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






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






17. The price a borrow pays a creditor for the use of money over a period of time






18. Deals with debt adjustment or reorganization for individuals - allows people to put forward a plan to repay creditors over time - usually from future income






19. A payment required for not fulfilling a contract






20. Puchasing more than your budget allows






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






22. 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






23. Minimum amount due on credit balance






24. 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






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






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






27. Capacity - character and collateral

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






29. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive






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






31. 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.






32. 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.






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






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






35. A claim upon property to satisy a debt






36. Yearly percmet amount it will cost a person to use credit






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






38. 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.






39. Debt that has been incurred primarily for the purchase of consumer goods






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






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






42. Interest rates are effective annual yields






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






44. 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






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






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






47. An evaluation of a person's credit history






48. A credit rating around 500 or lower is high enough risk that many lenders will refuse a line of credit - and those that do grant one will penalize the borrower with high interest rates and difficult terms.






49. An interest rate that does not change






50. Taking away property due to failure to repay the debt