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. 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.






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






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






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






5. 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






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






8. A claim upon property to satisy a debt






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






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






11. Financial organization that specializes in automobile loans to consumers






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






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






14. Interest rates are effective annual yields






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






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






17. Failure to repay a debt






18. 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.






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






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






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






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






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






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






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






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






27. An interest rate that does not change






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






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






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






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






32. Capacity - character and collateral

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


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






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






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






36. 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.






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






38. 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






39. 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






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






41. 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.






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






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






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






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






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






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






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






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






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