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. 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






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






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






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






5. 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.






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






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






8. 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






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






10. Minimum amount due on credit balance






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






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






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






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






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






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






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






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






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






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






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






22. 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.






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






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






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






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






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






28. An evaluation of a person's credit history






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






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






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






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 right to hold - possess - control and dispose of property






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






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






36. Capacity - character and collateral

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






38. 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.






39. A claim upon property to satisy a debt






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






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






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






43. Financial organization that specializes in automobile loans to consumers






44. Failure to repay a debt






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






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






47. A payment required for not fulfilling a contract






48. 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






49. 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.






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