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. 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






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






3. 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






4. An evaluation of a person's credit history






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






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






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






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






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






10. 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.






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






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






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






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






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






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






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






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






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






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






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






22. 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.






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






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






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






26. A payment required for not fulfilling a contract






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






28. Capacity - character and collateral

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






30. 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.






31. 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






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






33. Puchasing more than your budget allows






34. A claim upon property to satisy a debt






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






36. 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






37. 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






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






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






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






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






42. Minimum amount due on credit balance






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






44. 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






45. An interest rate that does not change






46. Failure to repay a debt






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






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






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






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