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. 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






2. Puchasing more than your budget allows






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






4. An interest rate that does not change






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






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






7. Interest rates are effective annual yields






8. 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






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






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






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






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






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






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






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






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






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






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






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






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






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






23. 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.






24. Failure to repay a debt






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






26. 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.






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






28. 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.






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






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






31. An evaluation of a person's credit history






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






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






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






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






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






37. 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






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






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






40. A claim upon property to satisy a debt






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






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






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






44. Capacity - character and collateral

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






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






48. Financial organization that specializes in automobile loans to consumers






49. 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.






50. Minimum amount due on credit balance







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Can you answer 50 questions in 15 minutes?


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