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






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






3. Failure to repay a debt






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






5. Interest rates are effective annual yields






6. 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






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






8. Capacity - character and collateral

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






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






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






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






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






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






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






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






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






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






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






20. Minimum amount due on credit balance






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






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






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






24. 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.






25. 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






26. 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.






27. Puchasing more than your budget allows






28. A payment required for not fulfilling a contract






29. 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






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






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






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






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






34. 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






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






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






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






38. A claim upon property to satisy a debt






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






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






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






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






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






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






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






46. 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.






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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