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






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






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






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






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






6. Puchasing more than your budget allows






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






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






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






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






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






12. Financial organization that specializes in automobile loans to consumers






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






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






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






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






17. 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






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






19. Failure to repay a debt






20. An interest rate that does not change






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






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






23. 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.






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






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






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






27. 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






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






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






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






31. An evaluation of a person's credit history






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






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






34. 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.






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






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






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






38. 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






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






40. 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.






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






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






43. 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.






44. Interest rates are effective annual yields






45. A payment required for not fulfilling a contract






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






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






48. A claim upon property to satisy a debt






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






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