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. The date on which a financial obligation must be repaid






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






3. 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.






4. A claim upon property to satisy a debt






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






6. An interest rate that does not change






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






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






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






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






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






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






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






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






15. 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






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






17. 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






18. 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.






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






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






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






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






23. Failure to repay a debt






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






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






26. Minimum amount due on credit balance






27. Interest rates are effective annual yields






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






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






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






31. Capacity - character and collateral


32. 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.






33. Means that the APR can go up or down depending on economic factors






34. 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.






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






36. Financial organization that specializes in automobile loans to consumers






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






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






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






40. 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






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






42. 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






43. An evaluation of a person's credit history






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






45. Puchasing more than your budget allows






46. 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






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






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






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






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