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. An evaluation of a person's credit history






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






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






4. Capacity - character and collateral

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5. 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






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






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






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






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






10. Minimum amount due on credit balance






11. Interest rates are effective annual yields






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






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






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






15. 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






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






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






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






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






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






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






22. 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.






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






24. A payment required for not fulfilling a contract






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






26. Financial organization that specializes in automobile loans to consumers






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






28. 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.






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






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






31. 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.






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






33. Failure to repay a debt






34. 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.






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






36. 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






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






38. An interest rate that does not change






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






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






41. 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






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






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






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






46. 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.






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






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






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






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