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






2. 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.






3. 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






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






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






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






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






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






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






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






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






13. 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






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






15. 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.






16. An interest rate that does not change






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






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






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






20. Capacity - character and collateral

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






22. Minimum amount due on credit balance






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






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






25. 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.






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






27. A payment required for not fulfilling a contract






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






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






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






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






32. 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






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






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






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






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






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






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






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






40. 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






41. A claim upon property to satisy a debt






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






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






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






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






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






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






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






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. 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