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Test your basic knowledge |
Credit
Start Test
Study First
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
prepayment
Consumer Credit Counseling Services (CCCS)
credit report
debtors anonymous
2. Means that the APR can go up or down depending on economic factors
variable rate
low credit rating
payday loans
credit limit
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
fixed interest rate
credit score
bankruptcy Chapter 11
late fee
4. An evaluation of a person's credit history
prepayment
credit rating
secured loans
ownership
5. One that requires you to keep a savings account as security
secured credit card
credit reporting agency
penalty
bankruptcy Chapter 13
6. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)
pawn shops
liquidation
default
credit cards
7. The right to hold - possess - control and dispose of property
ownership
installment loans/credit
prepayment
bankruptcy Chapter 13
8. Provided a temporary loan at a high interest rate until your next paycheck
prepayment
variable interest
credit report
payday loans
9. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
auto finance companies
grace period
garnishment
mortgage brokers
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.
foreclosure
grace period
credit history
credit reporting agency
11. The maximum amount of credit a lender will extend to a customer
liquidation
revolving credit
co-signed loans
credit limit
12. Home owners can borrow against the appraised value of their already purchased homes
bank
unsecured loans
home equity loans
credit limit
13. A penalty for making a payment after the due date
mortgage
fixed rate of interest
consumer debt
late fee
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
penalty
line of credit
credit card companies
mortgage brokers
15. A card used for making payments; balance must be paid in full when the statement is received
cash advances
charge cards
revolving credit
repossession
16. A record of whether or not a person has paid his or her bills on time in the past
credit rating
variable interest
credit history
lien
17. One large loan made to consumers to pay several debts at once
minimum amount due
credit history
consolidation loans
credit reporting agency
18. A loan that is repaid with a fixed number of periodic equal-sized payments
installment loans/credit
APR (Annual Percentage Rate)
finance charge
foreclosure
19. The act of lending money at an interest rate higher than that permitted by law
payday loans
usury
PIN (personal identification number)
credit score
20. The price a borrow pays a creditor for the use of money over a period of time
interest (APR)
bankruptcy Chapter 7
credit reporting agency
credit limit
21. An interest rate that moves up and down based on the changes of an underlying interest rate index
variable interest
usury
charge cards
variable rate
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.
identity theft
predatory lending
auto finance companies
co-signed loans
23. Is a loan that does not require collateral from the borrower
default
cash advances
variable interest
unsecured loans
24. A period in which a debt may be paid without accruing further interest or penalty
due date
penalty
auto finance companies
grace period
25. A long-term loan extended to someone who buys property
minimum payment
charge cards
consumer debt
mortgage
26. A payment required for not fulfilling a contract
secured loans
grace period
pawn shops
penalty
27. Loans for which the borrower is required to pledge specific assets as collateral or security
bankruptcy
Consumer Credit Counseling Services (CCCS)
balance owed
secured loans
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
charge cards
garnishment
PIN (personal identification number)
title for goods
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.
PIN (personal identification number)
low credit rating
installment loans/credit
Truth in Lending Act of 1968
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
co-signed loans
prepayment
liquidation
balance owed
32. Legal process that allows someone deeply in debt to create a plan to repay their debts
PIN (personal identification number)
interest (APR)
bankruptcy
mortgage
33. Puchasing more than your budget allows
credit rating
debtors anonymous
default
overspending
34. A claim upon property to satisy a debt
consumer debt
minimum amount due
lien
fixed rate of interest
35. The date on which a financial obligation must be repaid
due date
payday loans
charge cards
grace period
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
debtors anonymous
PIN (personal identification number)
Truth in Lending Act of 1968
secured credit card
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
home equity loans
repossession
charge cards
cash advances
38. If the consumer makes the minimum payment - interest charges continue to accrue on all outstanding balances.
bankruptcy Chapter 7
usury
due date
minimum amount due
39. A report showing all accumulated credit data on an individual; This is used for granting or denying credit
line of credit
credit report
unsecured loans
revolving 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
liquidation
secured credit card
credit rating
default
41. Taking away property due to failure to repay the debt
consumer debt
unsecured loans
repossession
bank
42. Minimum amount due on credit balance
minimum amount due
grace period
auto finance companies
minimum payment
43. Aa financial institution that accepts deposits and channels the money into lending activities
payday loans
bank
revolving credit
unsecured loans
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
revolving credit
home equity loans
installment loans/credit
line of credit
45. An interest rate that does not change
foreclosure
fixed interest rate
PIN (personal identification number)
garnishment
46. Failure to repay a debt
3 C's of credit
default
bankruptcy Chapter 13
foreclosure
47. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt
foreclosure
garnishment
grace period
tax preparers
48. A nonprofit agency that gives free advice to people in financial difficulties
unsecured loans
pawn shops
Consumer Credit Counseling Services (CCCS)
credit score
49. A number you choose and use to identify themselves to gain access to various accounts
credit reporting agency
home equity loans
bank
PIN (personal identification number)
50. The total amount that a person is charged for borrowing money; includes interest plus any service charges or insurance premiums
title for goods
finance charge
lien
penalty