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






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






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






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






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






7. An interest rate that does not change






8. 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.






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






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






11. 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.






12. A claim upon property to satisy a debt






13. 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.






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






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






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






17. 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






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






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






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






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






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






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






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






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






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






27. Capacity - character and collateral


28. 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






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






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






31. 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






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






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






34. 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






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






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






37. Interest rates are effective annual yields






38. 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.






39. An evaluation of a person's credit history






40. Failure to repay a debt






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






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






43. 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






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






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






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






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






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






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






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