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 nonprofit agency that gives free advice to people in financial difficulties






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






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






4. 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.






5. 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






6. Interest rates are effective annual yields






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






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






9. 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.






10. Capacity - character and collateral

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11. 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






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






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






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






15. An evaluation of a person's credit history






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






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






18. 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






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






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






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






22. Failure to repay a debt






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






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






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






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






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






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






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






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






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






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






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






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






36. Financial organization that specializes in automobile loans to consumers






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






38. A claim upon property to satisy a debt






39. 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.






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






41. 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






42. A payment required for not fulfilling a contract






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






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






45. Puchasing more than your budget allows






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






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






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






49. Minimum amount due on credit balance






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