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






2. Failure to repay a debt






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






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






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






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






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






8. 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






9. 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.






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






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






12. 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






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






14. 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






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






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






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






18. 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






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






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






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






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






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






24. 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.






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






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






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






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






29. Interest rates are effective annual yields






30. Financial organization that specializes in automobile loans to consumers






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






32. 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






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






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






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






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. A penalty for making a payment after the due date






38. Minimum amount due on credit balance






39. 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






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






41. An evaluation of a person's credit history






42. A claim upon property to satisy a debt






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






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






45. 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.






46. A payment required for not fulfilling a contract






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






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






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






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