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. The date on which a financial obligation must be repaid






2. Failure to repay a debt






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






4. Capacity - character and collateral

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






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






7. An evaluation of a person's credit history






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






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






10. 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






11. A payment required for not fulfilling a contract






12. 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.






13. 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






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






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






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






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






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






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






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






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






22. A claim upon property to satisy a debt






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






24. 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.






25. 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






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






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






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






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






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






31. 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






32. Puchasing more than your budget allows






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






34. 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






35. 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






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






37. Minimum amount due on credit balance






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






39. An interest rate that does not change






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






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






42. 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.






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






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






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






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






47. Interest rates are effective annual yields






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






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