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






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






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






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






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






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






7. A claim upon property to satisy a debt






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






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






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






11. Minimum amount due on credit balance






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






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






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






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






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






17. Interest rates are effective annual yields






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






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






20. An evaluation of a person's credit history






21. 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.






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






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






24. 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






25. 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.






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






27. 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.






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






29. 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






30. A payment required for not fulfilling a contract






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






32. Financial organization that specializes in automobile loans to consumers






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






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






35. Failure to repay a debt






36. Puchasing more than your budget allows






37. 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






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






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






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






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






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






45. Capacity - character and collateral

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






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






48. 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






49. 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.






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