SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. 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.
fixed interest rate
bankruptcy Chapter 7
consumer debt
co-signed loans
2. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt
bankruptcy Chapter 13
line of credit
variable rate
foreclosure
3. 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
penalty
due date
installment loans/credit
Truth in Lending Act of 1968
4. 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
minimum payment
debtors anonymous
mortgage
default
5. A payment required for not fulfilling a contract
low credit rating
bankruptcy Chapter 13
penalty
prepayment
6. 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
unsecured loans
3 C's of credit
collateral
cash advances
7. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
identity theft
Truth in Lending Act of 1968
charge cards
secured loans
8. 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.
PIN (personal identification number)
late fee
predatory lending
revolving credit
9. Means that the APR can go up or down depending on economic factors
variable rate
bankruptcy Chapter 13
identity theft
prepayment
10. Loans for which the borrower is required to pledge specific assets as collateral or security
secured loans
minimum amount due
prepayment
title for goods
11. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
secured loans
lien
mortgage brokers
bankruptcy
12. A nonprofit agency that gives free advice to people in financial difficulties
identity theft
pawn shops
bankruptcy Chapter 11
Consumer Credit Counseling Services (CCCS)
13. Legal process that allows someone deeply in debt to create a plan to repay their debts
line of credit
fixed rate of interest
fixed interest rate
bankruptcy
14. Failure to repay a debt
fixed interest rate
unsecured loans
default
credit limit
15. A report showing all accumulated credit data on an individual; This is used for granting or denying credit
credit report
bankruptcy Chapter 7
collateral
line of credit
16. A loan that is repaid with a fixed number of periodic equal-sized payments
secured credit card
mortgage brokers
installment loans/credit
payday loans
17. The act of lending money at an interest rate higher than that permitted by law
fixed interest rate
installment loans/credit
3 C's of credit
usury
18. A card used for making payments; balance must be paid in full when the statement is received
APR (Annual Percentage Rate)
co-signed loans
charge cards
fixed interest rate
19. A legal document that provides a history of ownership and entitlement by the current owner
balance owed
pawn shops
variable interest
title for goods
20. A period in which a debt may be paid without accruing further interest or penalty
grace period
liquidation
unsecured loans
garnishment
21. Interest rates are effective annual yields
fixed rate of interest
tax preparers
unsecured loans
PIN (personal identification number)
22. 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.
low credit rating
overspending
late fee
secured credit card
23. Puchasing more than your budget allows
minimum payment
debtors anonymous
overspending
credit history
24. Aa financial institution that accepts deposits and channels the money into lending activities
bank
secured loans
grace period
interest (APR)
25. 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
bankruptcy Chapter 11
liquidation
3 C's of credit
credit card companies
26. 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.
Truth in Lending Act of 1968
pawn shops
tax preparers
default
27. An evaluation of a person's credit history
bankruptcy Chapter 7
unsecured loans
overspending
credit rating
28. Taking away property due to failure to repay the debt
variable rate
repossession
charge cards
fixed interest rate
29. Deals with debt adjustment or reorganization for individuals - allows people to put forward a plan to repay creditors over time - usually from future income
cash advances
bankruptcy Chapter 13
consumer debt
grace period
30. One that requires you to keep a savings account as security
PIN (personal identification number)
secured credit card
consumer debt
balance owed
31. Debt that has been incurred primarily for the purchase of consumer goods
interest (APR)
title for goods
consumer debt
cash advances
32. A long-term loan extended to someone who buys property
garnishment
consolidation loans
credit limit
mortgage
33. A record of whether or not a person has paid his or her bills on time in the past
variable rate
due date
credit score
credit history
34. The maximum amount of credit a lender will extend to a customer
credit limit
ownership
prepayment
collateral
35. The price a borrow pays a creditor for the use of money over a period of time
garnishment
credit report
interest (APR)
revolving credit
36. 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.
secured loans
credit reporting agency
mortgage brokers
tax preparers
37. Financial organization that specializes in automobile loans to consumers
mortgage brokers
auto finance companies
bankruptcy Chapter 11
credit reporting agency
38. Provides individuals with revolving open-end credit - which they can draw from repeatedly up to some preset limit
default
credit cards
credit card companies
credit reporting agency
39. The date on which a financial obligation must be repaid
bankruptcy
due date
grace period
predatory lending
40. A claim upon property to satisy a debt
variable interest
lien
default
finance charge
41. A penalty for making a payment after the due date
fixed interest rate
due date
late fee
3 C's of credit
42. As related to credit - an evaluatin of a person's net worth
due date
collateral
unsecured loans
secured loans
43. When someone with strong established credit signs a contract along with the borrower
co-signed loans
consolidation loans
late fee
credit limit
44. An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period
bankruptcy
minimum amount due
finance charge
line of credit
45. Is a loan that does not require collateral from the borrower
mortgage
unsecured loans
collateral
grace period
46. Capacity - character and collateral
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
47. Yearly percmet amount it will cost a person to use credit
APR (Annual Percentage Rate)
late fee
revolving credit
minimum amount due
48. If the consumer makes the minimum payment - interest charges continue to accrue on all outstanding balances.
minimum amount due
minimum payment
secured credit card
usury
49. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)
credit score
pawn shops
cash advances
credit rating
50. Minimum amount due on credit balance
minimum payment
bankruptcy
fixed rate of interest
ownership