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






2. 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






3. Minimum amount due on credit balance






4. 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






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






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






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






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






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






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






11. 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.






12. Puchasing more than your budget allows






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






28. An evaluation of a person's credit history






29. A claim upon property to satisy a debt






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






31. An interest rate that does not change






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






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






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






35. Interest rates are effective annual yields






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






37. Failure to repay a debt






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






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






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






42. 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






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






44. 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.






45. A payment required for not fulfilling a contract






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






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






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






50. Capacity - character and collateral

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