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






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






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






4. 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.






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






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






7. Capacity - character and collateral

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






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






10. An interest rate that does not change






11. 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






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






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






14. Interest rates are effective annual yields






15. 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






16. Puchasing more than your budget allows






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






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






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






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






21. A claim upon property to satisy a debt






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






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






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






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






26. 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.






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






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






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






30. Minimum amount due on credit balance






31. 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






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






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






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






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






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






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






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






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






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






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






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






43. An evaluation of a person's credit history






44. 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






45. 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






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






47. 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






48. 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.






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






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