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






2. Capacity - character and collateral

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


3. 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






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






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






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






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






8. 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.






9. A claim upon property to satisy a debt






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






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






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






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. 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






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






16. Minimum amount due on credit balance






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






18. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






32. 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






33. Interest rates are effective annual yields






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






35. An evaluation of a person's credit history






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






37. Financial organization that specializes in automobile loans to consumers






38. 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.






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






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






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






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






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






45. Puchasing more than your budget allows






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






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






48. A payment required for not fulfilling a contract






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






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