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. 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






2. Financial organization that specializes in automobile loans to consumers






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






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






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






6. 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.






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






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






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






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. 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






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






13. A claim upon property to satisy a debt






14. Failure to repay a debt






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






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






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






20. 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






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






22. Minimum amount due on credit balance






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






24. 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.






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






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






27. Puchasing more than your budget allows






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






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






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






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






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






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






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






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






37. Interest rates are effective annual yields






38. 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.






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






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






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






42. 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.






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






44. An interest rate that does not change






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






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






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






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






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






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