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 payment required for not fulfilling a contract






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






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






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






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






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






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






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






9. 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.






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






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






12. 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






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






14. An evaluation of a person's credit history






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






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






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






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 nonprofit agency that gives free advice to people in financial difficulties






20. 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.






21. Puchasing more than your budget allows






22. Interest rates are effective annual yields






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






24. 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






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






26. Minimum amount due on credit balance






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






28. 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






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






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






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






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






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






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






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






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






37. Capacity - character and collateral

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38. Failure to repay a debt






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






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






41. 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.






42. Financial organization that specializes in automobile loans to consumers






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






44. 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






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






46. An interest rate that does not change






47. A claim upon property to satisy a debt






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






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






50. 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.