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






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






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






4. An evaluation of a person's credit history






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






6. 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






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






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






9. 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.






10. 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.






11. 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






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






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






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






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






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






17. 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.






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






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






20. One that requires you to keep a savings account as security






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






22. Interest rates are effective annual yields






23. Minimum amount due on credit balance






24. Financial organization that specializes in automobile loans to consumers






25. 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






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






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






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






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






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






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






32. 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






33. 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






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






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






36. A payment required for not fulfilling a contract






37. Puchasing more than your budget allows






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






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






40. Failure to repay a debt






41. 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






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






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






44. A claim upon property to satisy a debt






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






46. An interest rate that does not change






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






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






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






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