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






2. Failure to repay a debt






3. Puchasing more than your budget allows






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






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






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






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






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






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






10. 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.






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






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






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






14. 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.






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






16. Minimum amount due on credit balance






17. 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






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






19. Interest rates are effective annual yields






20. An evaluation of a person's credit history






21. 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.






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






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






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






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






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






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






28. Capacity - character and collateral

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






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






31. Financial organization that specializes in automobile loans to consumers






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






33. 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






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






35. A payment required for not fulfilling a contract






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






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






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






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






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






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






43. An interest rate that does not change






44. 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






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






46. 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.






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






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






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






50. A claim upon property to satisy a debt