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






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






3. 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.






4. Financial organization that specializes in automobile loans to consumers






5. 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.






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






7. 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






8. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






26. 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






27. 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






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






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






30. Capacity - character and collateral

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






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






33. Failure to repay a debt






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






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






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






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






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






39. Minimum amount due on credit balance






40. A claim upon property to satisy a debt






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. An interest rate that does not change






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






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






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






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






47. Interest rates are effective annual yields






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






49. 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.






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