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. Failure to repay a debt






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






3. 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






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






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






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






7. 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.






8. Financial organization that specializes in automobile loans to consumers






9. 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.






10. 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






11. Interest rates are effective annual yields






12. 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






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






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






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






16. Puchasing more than your budget allows






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






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






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






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






21. An evaluation of a person's credit history






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






23. A claim upon property to satisy a debt






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






25. 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






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






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






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






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






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






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






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






33. 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.






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






35. Capacity - character and collateral


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






37. Minimum amount due on credit balance






38. An interest rate that moves up and down based on the changes of an underlying interest rate index






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






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






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






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






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






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






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






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






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






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






49. 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.






50. 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