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






2. 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.






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






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






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






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






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






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






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






10. Minimum amount due on credit balance






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






12. 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






13. 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






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






15. Capacity - character and collateral

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


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






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






18. An evaluation of a person's credit history






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






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






21. Failure to repay a debt






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






23. Financial organization that specializes in automobile loans to consumers






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






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






26. 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






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






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






29. 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.






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






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






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






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






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






35. A claim upon property to satisy a debt






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






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






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






39. 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.






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






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






42. 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






43. A payment required for not fulfilling a contract






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






45. 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.






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






47. 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






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






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






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