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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. A record of whether or not a person has paid his or her bills on time in the past
PIN (personal identification number)
credit history
bankruptcy
consumer debt
2. Failure to repay a debt
bankruptcy Chapter 7
default
variable rate
lien
3. Taking away property due to failure to repay the debt
auto finance companies
minimum payment
foreclosure
repossession
4. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt
usury
credit cards
foreclosure
credit rating
5. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
predatory lending
garnishment
PIN (personal identification number)
mortgage brokers
6. A report showing all accumulated credit data on an individual; This is used for granting or denying credit
credit report
pawn shops
credit card companies
bankruptcy Chapter 7
7. A nonprofit agency that gives free advice to people in financial difficulties
Consumer Credit Counseling Services (CCCS)
interest (APR)
liquidation
auto finance companies
8. 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
APR (Annual Percentage Rate)
usury
ownership
bankruptcy Chapter 11
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.
default
overspending
predatory lending
mortgage
10. Provides individuals with revolving open-end credit - which they can draw from repeatedly up to some preset limit
due date
usury
mortgage
credit cards
11. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
overspending
identity theft
charge cards
fixed interest rate
12. 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
bankruptcy
late fee
minimum payment
cash advances
13. A long-term loan extended to someone who buys property
mortgage
bankruptcy
balance owed
Consumer Credit Counseling Services (CCCS)
14. 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
foreclosure
secured credit card
variable rate
Truth in Lending Act of 1968
15. Legal process that allows someone deeply in debt to create a plan to repay their debts
bankruptcy Chapter 13
PIN (personal identification number)
collateral
bankruptcy
16. When someone with strong established credit signs a contract along with the borrower
pawn shops
co-signed loans
mortgage brokers
revolving credit
17. A period in which a debt may be paid without accruing further interest or penalty
grace period
finance charge
garnishment
cash advances
18. 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
revolving credit
tax preparers
credit history
grace period
19. The date on which a financial obligation must be repaid
auto finance companies
grace period
consolidation loans
due date
20. A number you choose and use to identify themselves to gain access to various accounts
PIN (personal identification number)
overspending
bank
minimum payment
21. Deals with debt adjustment or reorganization for individuals - allows people to put forward a plan to repay creditors over time - usually from future income
bankruptcy Chapter 13
Consumer Credit Counseling Services (CCCS)
credit cards
due date
22. Is a loan that does not require collateral from the borrower
mortgage brokers
credit score
unsecured loans
repossession
23. The process of taking a business' real assets and turning them into cash - either to pay off debt or to reap a personal profit
liquidation
credit report
fixed interest rate
consumer debt
24. 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.
overspending
ownership
credit score
credit reporting agency
25. A loan that is repaid with a fixed number of periodic equal-sized payments
Consumer Credit Counseling Services (CCCS)
penalty
predatory lending
installment loans/credit
26. Bank or business that allows somebody to purchase goods and services and pay for them later - often with interest
secured credit card
revolving credit
minimum amount due
credit card companies
27. The maximum amount of credit a lender will extend to a customer
credit limit
ownership
Consumer Credit Counseling Services (CCCS)
tax preparers
28. Provided a temporary loan at a high interest rate until your next paycheck
credit score
charge cards
payday loans
credit rating
29. Interest rates are effective annual yields
credit rating
fixed rate of interest
consolidation loans
default
30. Financial organization that specializes in automobile loans to consumers
auto finance companies
credit limit
penalty
pawn shops
31. A numerical rating based on person's credit history that represents their credit worthiness
pawn shops
credit score
installment loans/credit
ownership
32. 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
debtors anonymous
credit rating
payday loans
interest (APR)
33. One large loan made to consumers to pay several debts at once
bank
consolidation loans
credit reporting agency
fixed rate of interest
34. Aa financial institution that accepts deposits and channels the money into lending activities
late fee
installment loans/credit
fixed rate of interest
bank
35. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)
secured credit card
pawn shops
consolidation loans
balance owed
36. An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period
fixed rate of interest
3 C's of credit
late fee
line of credit
37. A penalty for making a payment after the due date
bankruptcy
title for goods
usury
late fee
38. Minimum amount due on credit balance
credit score
variable interest
minimum payment
auto finance companies
39. 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
credit score
Consumer Credit Counseling Services (CCCS)
balance owed
bank
40. Yearly percmet amount it will cost a person to use credit
bankruptcy Chapter 7
mortgage brokers
APR (Annual Percentage Rate)
cash advances
41. An evaluation of a person's credit history
charge cards
pawn shops
bankruptcy Chapter 7
credit rating
42. A claim upon property to satisy a debt
lien
bankruptcy Chapter 11
credit rating
due date
43. The unscheduled partial or complete payment of the principal amount outstanding on a loan - such as a mortgage - before it is due.
credit reporting agency
finance charge
title for goods
prepayment
44. A court action in which a portion of an employee's wage is set aside to pay a debt owed a creditor
credit reporting agency
grace period
secured credit card
garnishment
45. 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.
bankruptcy Chapter 7
credit card companies
lien
credit limit
46. A payment required for not fulfilling a contract
lien
bank
mortgage
penalty
47. Loans for which the borrower is required to pledge specific assets as collateral or security
minimum payment
secured credit card
secured loans
ownership
48. Home owners can borrow against the appraised value of their already purchased homes
grace period
home equity loans
charge cards
credit cards
49. An interest rate that moves up and down based on the changes of an underlying interest rate index
variable interest
charge cards
debtors anonymous
Truth in Lending Act of 1968
50. A card used for making payments; balance must be paid in full when the statement is received
fixed rate of interest
credit cards
grace period
charge cards