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. 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.






2. 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






3. A payment required for not fulfilling a contract






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






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






6. 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.






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






8. 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






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






10. 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.






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






12. Puchasing more than your budget allows






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






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






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






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






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






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






19. 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






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






21. A claim upon property to satisy a debt






22. Minimum amount due on credit balance






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






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






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






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






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






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






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






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






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






32. Failure to repay a debt






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






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






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






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






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






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






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






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






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






42. An evaluation of a person's credit history






43. Interest rates are effective annual yields






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






45. Capacity - character and collateral

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






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






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






49. 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.






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