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. An interest rate that does not change






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






3. An evaluation of a person's credit history






4. 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






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






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






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






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






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






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






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






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






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






14. 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






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






16. 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






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






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






19. Interest rates are effective annual yields






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






21. Financial organization that specializes in automobile loans to consumers






22. Puchasing more than your budget allows






23. 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.






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






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






26. Failure to repay a debt






27. Minimum amount due on credit balance






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






29. 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






30. 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.






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






32. 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.






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






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






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






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






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






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






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






40. Capacity - character and collateral


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






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






45. A claim upon property to satisy a debt






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






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






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






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






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