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






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






3. Interest rates are effective annual yields






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






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






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






7. 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






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






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






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






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. The date on which a financial obligation must be repaid






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






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






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






16. A claim upon property to satisy a debt






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






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






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






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






21. An evaluation of a person's credit history






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






23. Failure to repay a debt






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






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






26. Capacity - character and collateral

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27. 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.






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






29. Puchasing more than your budget allows






30. 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






31. 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






32. 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.






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






34. An interest rate that does not change






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






36. Financial organization that specializes in automobile loans to consumers






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






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






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






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






41. 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






42. A payment required for not fulfilling a contract






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






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






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






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






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






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






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






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