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






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






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






4. Interest rates are effective annual yields






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






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






7. 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






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






9. An evaluation of a person's credit history






10. Minimum amount due on credit balance






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






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






13. Failure to repay a debt






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






15. 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.






16. A payment required for not fulfilling a contract






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






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






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






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






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






22. An interest rate that does not change






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






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






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






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






27. Capacity - character and collateral

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






29. 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.






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






31. 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






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






33. Financial organization that specializes in automobile loans to consumers






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






35. 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.






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






37. Puchasing more than your budget allows






38. 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






39. 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






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






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






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






43. 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






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






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






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






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






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






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






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