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. 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.






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






3. 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






4. 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






5. A payment required for not fulfilling a contract






6. 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






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






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






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






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






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






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






14. Failure to repay a debt






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






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






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






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






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






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






21. Interest rates are effective annual yields






22. 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.






23. Puchasing more than your budget allows






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






25. 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






26. 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.






27. An evaluation of a person's credit history






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






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






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






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






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






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






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






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






36. 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.






37. Financial organization that specializes in automobile loans to consumers






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






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






40. A claim upon property to satisy a debt






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






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






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






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






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






46. Capacity - character and collateral

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






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






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






50. Minimum amount due on credit balance