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






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






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






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






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






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






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






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






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






10. 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






11. 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






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






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






14. 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.






15. 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.






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






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






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






20. Puchasing more than your budget allows






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






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






23. 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.






24. An evaluation of a person's credit history






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






26. Interest rates are effective annual yields






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






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






29. Failure to repay a debt






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






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






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






33. 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






34. Capacity - character and collateral

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






36. Minimum amount due on credit balance






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






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






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






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






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






42. 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






43. Financial organization that specializes in automobile loans to consumers






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






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






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






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






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






49. An interest rate that does not change






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