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






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






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






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






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






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






7. 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.






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






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






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






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






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






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






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






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






16. Minimum amount due on credit balance






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






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






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






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






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






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






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






24. Financial organization that specializes in automobile loans to consumers






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






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






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






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






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






32. Interest rates are effective annual yields






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






34. 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






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






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






37. An evaluation of a person's credit history






38. Capacity - character and collateral


39. 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.






40. An interest rate that does not change






41. 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






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






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






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






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






46. A claim upon property to satisy a debt






47. 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






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






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






50. 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