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






2. An evaluation of a person's credit history






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






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






5. 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






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






7. 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.






8. 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.






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






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






11. An interest rate that does not change






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. Puchasing more than your budget allows






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






15. 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






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






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






18. Capacity - character and collateral

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


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






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






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






22. Financial organization that specializes in automobile loans to consumers






23. 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






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






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






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






27. Interest rates are effective annual yields






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






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






30. A claim upon property to satisy a debt






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






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






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






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






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






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






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






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






39. Minimum amount due on credit balance






40. 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.






41. 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






42. Failure to repay a debt






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






44. A payment required for not fulfilling a contract






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






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






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






48. 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.






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