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






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






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






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






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






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






7. Minimum amount due on credit balance






8. Failure to repay a debt






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






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






11. Puchasing more than your budget allows






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






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






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






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






17. 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.






18. An interest rate that does not change






19. 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.






20. 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.






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






22. 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






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






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






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






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






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






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






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






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






31. 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






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






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






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






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






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






37. 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






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






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






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






41. A payment required for not fulfilling a contract






42. 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.






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






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






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






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






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






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






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






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






Can you answer 50 questions in 15 minutes?



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