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. The date on which a financial obligation must be repaid






2. 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






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






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






5. 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.






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






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






8. An evaluation of a person's credit history






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






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






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






12. An interest rate that does not change






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






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






15. 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.






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






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






18. A claim upon property to satisy a debt






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






20. 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






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






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






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






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






25. 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






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






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






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






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






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






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






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






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






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






35. Failure to repay a debt






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






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






38. Minimum amount due on credit balance






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






40. Puchasing more than your budget allows






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






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






43. 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






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






45. 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






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






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






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






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






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