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. Financial organization that specializes in automobile loans to consumers






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






3. 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.






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






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






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






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






8. An evaluation of a person's credit history






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






10. Capacity - character and collateral


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






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






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






14. A payment required for not fulfilling a contract






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






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






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






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






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






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






22. A claim upon property to satisy a debt






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






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






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






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. 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






28. 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.






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






30. Minimum amount due on credit balance






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






32. 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






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






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






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






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






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






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






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






40. 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






41. 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






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






43. Puchasing more than your budget allows






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






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






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






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






48. 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






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






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