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Test your basic knowledge |
Credit
Start Test
Study First
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. 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.
foreclosure
fixed interest rate
credit reporting agency
tax preparers
2. 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
repossession
balance owed
variable rate
late fee
3. A payment required for not fulfilling a contract
penalty
bankruptcy Chapter 11
garnishment
charge cards
4. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)
pawn shops
payday loans
consumer debt
interest (APR)
5. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
revolving credit
mortgage brokers
credit report
credit limit
6. 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.
PIN (personal identification number)
predatory lending
bankruptcy Chapter 13
foreclosure
7. One large loan made to consumers to pay several debts at once
credit reporting agency
co-signed loans
consolidation loans
credit score
8. 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
credit score
minimum payment
cash advances
secured credit card
9. A record of whether or not a person has paid his or her bills on time in the past
fixed interest rate
lien
co-signed loans
credit history
10. 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.
foreclosure
ownership
credit reporting agency
revolving credit
11. Legal process that allows someone deeply in debt to create a plan to repay their debts
charge cards
late fee
bankruptcy
default
12. Puchasing more than your budget allows
default
unsecured loans
tax preparers
overspending
13. A court action in which a portion of an employee's wage is set aside to pay a debt owed a creditor
Consumer Credit Counseling Services (CCCS)
garnishment
due date
credit score
14. A legal document that provides a history of ownership and entitlement by the current owner
identity theft
credit score
mortgage
title for goods
15. Provides individuals with revolving open-end credit - which they can draw from repeatedly up to some preset limit
ownership
credit cards
cash advances
bankruptcy Chapter 13
16. Aa financial institution that accepts deposits and channels the money into lending activities
variable interest
bank
credit cards
pawn shops
17. Debt that has been incurred primarily for the purchase of consumer goods
minimum amount due
lien
credit rating
consumer debt
18. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
identity theft
credit limit
ownership
Consumer Credit Counseling Services (CCCS)
19. 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
credit rating
debtors anonymous
Consumer Credit Counseling Services (CCCS)
PIN (personal identification number)
20. A numerical rating based on person's credit history that represents their credit worthiness
collateral
credit score
bankruptcy Chapter 11
grace period
21. A claim upon property to satisy a debt
credit score
lien
credit report
installment loans/credit
22. Minimum amount due on credit balance
consumer debt
revolving credit
grace period
minimum payment
23. Means that the APR can go up or down depending on economic factors
usury
variable rate
liquidation
auto finance companies
24. Loans for which the borrower is required to pledge specific assets as collateral or security
garnishment
secured loans
predatory lending
consolidation loans
25. The total amount that a person is charged for borrowing money; includes interest plus any service charges or insurance premiums
finance charge
credit limit
lien
title for goods
26. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt
foreclosure
fixed rate of interest
pawn shops
secured loans
27. An interest rate that moves up and down based on the changes of an underlying interest rate index
bankruptcy
finance charge
variable interest
Truth in Lending Act of 1968
28. Is a loan that does not require collateral from the borrower
collateral
debtors anonymous
unsecured loans
credit score
29. When someone with strong established credit signs a contract along with the borrower
APR (Annual Percentage Rate)
co-signed loans
revolving credit
minimum amount due
30. Taking away property due to failure to repay the debt
minimum payment
late fee
repossession
consumer debt
31. Yearly percmet amount it will cost a person to use credit
consumer debt
APR (Annual Percentage Rate)
bankruptcy
payday loans
32. Failure to repay a debt
credit limit
due date
repossession
default
33. Home owners can borrow against the appraised value of their already purchased homes
home equity loans
fixed rate of interest
line of credit
variable interest
34. The act of lending money at an interest rate higher than that permitted by law
usury
identity theft
predatory lending
credit limit
35. The process of taking a business' real assets and turning them into cash - either to pay off debt or to reap a personal profit
PIN (personal identification number)
installment loans/credit
liquidation
mortgage
36. The maximum amount of credit a lender will extend to a customer
credit limit
finance charge
charge cards
credit history
37. The right to hold - possess - control and dispose of property
identity theft
ownership
co-signed loans
bankruptcy Chapter 7
38. A nonprofit agency that gives free advice to people in financial difficulties
liquidation
Consumer Credit Counseling Services (CCCS)
revolving credit
identity theft
39. As related to credit - an evaluatin of a person's net worth
cash advances
collateral
fixed rate of interest
Consumer Credit Counseling Services (CCCS)
40. Bank or business that allows somebody to purchase goods and services and pay for them later - often with interest
fixed interest rate
bankruptcy
credit card companies
PIN (personal identification number)
41. An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period
minimum amount due
repossession
line of credit
credit rating
42. An evaluation of a person's credit history
credit card companies
payday loans
revolving credit
credit rating
43. Interest rates are effective annual yields
credit report
fixed rate of interest
usury
cash advances
44. A report showing all accumulated credit data on an individual; This is used for granting or denying credit
credit cards
bankruptcy Chapter 13
credit report
title for goods
45. Capacity - character and collateral
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46. A penalty for making a payment after the due date
co-signed loans
late fee
credit reporting agency
mortgage brokers
47. The price a borrow pays a creditor for the use of money over a period of time
credit rating
low credit rating
interest (APR)
mortgage brokers
48. A number you choose and use to identify themselves to gain access to various accounts
PIN (personal identification number)
credit card companies
revolving credit
co-signed loans
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.
low credit rating
fixed rate of interest
PIN (personal identification number)
unsecured loans
50. The unscheduled partial or complete payment of the principal amount outstanding on a loan - such as a mortgage - before it is due.
bankruptcy Chapter 11
usury
prepayment
bank