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






2. 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.






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






4. 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






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






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






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






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






9. 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.






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






11. Interest rates are effective annual yields






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






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






14. 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






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






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






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






18. Financial organization that specializes in automobile loans to consumers






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






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






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






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






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






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






25. Puchasing more than your budget allows






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. 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.






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






29. A claim upon property to satisy a debt






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






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






32. Minimum amount due on credit balance






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






34. 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.






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






36. A payment required for not fulfilling a contract






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






38. An evaluation of a person's credit history






39. Failure to repay a debt






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






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






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






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






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






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






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






48. 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






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






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