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






2. Minimum amount due on credit balance






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






5. 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






6. A payment required for not fulfilling a contract






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






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






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






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






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






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






13. 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.






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






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






16. 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






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






18. Financial organization that specializes in automobile loans to consumers






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






20. Interest rates are effective annual yields






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






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






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






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






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






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






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






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






30. An evaluation of a person's credit history






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






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






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






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






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






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






37. 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.






38. A claim upon property to satisy a debt






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






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






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






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






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






44. 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






45. Failure to repay a debt






46. 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






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






48. 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.






49. Puchasing more than your budget allows






50. Capacity - character and collateral

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