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 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






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






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






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






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






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






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






8. 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.






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






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






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






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






13. A payment required for not fulfilling a contract






14. 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.






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






17. An interest rate that does not change






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






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






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






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






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






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






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






25. Puchasing more than your budget allows






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






27. Failure to repay a debt






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






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






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






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






32. Capacity - character and collateral


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






34. 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






35. An evaluation of a person's credit history






36. 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






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






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






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






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






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






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






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






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






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






46. Financial organization that specializes in automobile loans to consumers






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






48. A claim upon property to satisy a debt






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






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