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Test your basic knowledge |
Credit
Start Test
Study First
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 nonprofit agency that gives free advice to people in financial difficulties
bankruptcy
Consumer Credit Counseling Services (CCCS)
bankruptcy Chapter 11
fixed rate of interest
2. The date on which a financial obligation must be repaid
Truth in Lending Act of 1968
balance owed
due date
APR (Annual Percentage Rate)
3. Loans for which the borrower is required to pledge specific assets as collateral or security
finance charge
usury
secured loans
low credit rating
4. Provided a temporary loan at a high interest rate until your next paycheck
revolving credit
collateral
variable interest
payday loans
5. The maximum amount of credit a lender will extend to a customer
credit limit
due date
fixed interest rate
fixed rate of interest
6. The right to hold - possess - control and dispose of property
line of credit
ownership
due date
grace period
7. If the consumer makes the minimum payment - interest charges continue to accrue on all outstanding balances.
identity theft
minimum amount due
lien
auto finance companies
8. The unscheduled partial or complete payment of the principal amount outstanding on a loan - such as a mortgage - before it is due.
prepayment
fixed interest rate
bankruptcy Chapter 11
credit cards
9. 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
mortgage
lien
debtors anonymous
liquidation
10. A number you choose and use to identify themselves to gain access to various accounts
PIN (personal identification number)
credit history
cash advances
usury
11. One large loan made to consumers to pay several debts at once
variable interest
3 C's of credit
home equity loans
consolidation loans
12. Provides individuals with revolving open-end credit - which they can draw from repeatedly up to some preset limit
grace period
pawn shops
interest (APR)
credit cards
13. Legal process that allows someone deeply in debt to create a plan to repay their debts
bank
Truth in Lending Act of 1968
repossession
bankruptcy
14. A legal document that provides a history of ownership and entitlement by the current owner
title for goods
secured loans
consumer debt
collateral
15. Home owners can borrow against the appraised value of their already purchased homes
home equity loans
late fee
identity theft
APR (Annual Percentage Rate)
16. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt
ownership
foreclosure
credit reporting agency
APR (Annual Percentage Rate)
17. The price a borrow pays a creditor for the use of money over a period of time
minimum payment
interest (APR)
identity theft
grace period
18. Deals with debt adjustment or reorganization for individuals - allows people to put forward a plan to repay creditors over time - usually from future income
secured loans
auto finance companies
bankruptcy Chapter 13
ownership
19. A payment required for not fulfilling a contract
grace period
overspending
fixed interest rate
penalty
20. Puchasing more than your budget allows
overspending
balance owed
title for goods
secured loans
21. A long-term loan extended to someone who buys property
mortgage
prepayment
bankruptcy
collateral
22. 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
bankruptcy Chapter 13
mortgage brokers
cash advances
credit score
23. Minimum amount due on credit balance
pawn shops
credit score
usury
minimum payment
24. 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
consumer debt
bankruptcy Chapter 11
minimum amount due
payday loans
25. Aa financial institution that accepts deposits and channels the money into lending activities
penalty
bank
credit rating
minimum payment
26. The act of lending money at an interest rate higher than that permitted by law
tax preparers
usury
charge cards
due date
27. Capacity - character and collateral
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28. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
mortgage brokers
auto finance companies
due date
repossession
29. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
credit history
consumer debt
predatory lending
identity theft
30. A loan that is repaid with a fixed number of periodic equal-sized payments
installment loans/credit
due date
mortgage brokers
PIN (personal identification number)
31. 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.
mortgage
3 C's of credit
bankruptcy Chapter 7
repossession
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.
tax preparers
co-signed loans
credit limit
credit reporting agency
33. A numerical rating based on person's credit history that represents their credit worthiness
foreclosure
fixed rate of interest
minimum payment
credit score
34. As related to credit - an evaluatin of a person's net worth
collateral
mortgage brokers
secured loans
consolidation loans
35. A claim upon property to satisy a debt
lien
variable rate
secured loans
fixed rate of interest
36. Yearly percmet amount it will cost a person to use credit
APR (Annual Percentage Rate)
installment loans/credit
garnishment
balance owed
37. A report showing all accumulated credit data on an individual; This is used for granting or denying credit
title for goods
credit report
prepayment
mortgage
38. 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.
mortgage
charge cards
bank
credit reporting agency
39. Debt that has been incurred primarily for the purchase of consumer goods
lien
grace period
credit report
consumer debt
40. A period in which a debt may be paid without accruing further interest or penalty
title for goods
repossession
3 C's of credit
grace period
41. A card used for making payments; balance must be paid in full when the statement is received
bankruptcy Chapter 13
charge cards
credit card companies
garnishment
42. Interest rates are effective annual yields
fixed rate of interest
Truth in Lending Act of 1968
mortgage
repossession
43. A record of whether or not a person has paid his or her bills on time in the past
3 C's of credit
consumer debt
credit history
grace period
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
installment loans/credit
repossession
Truth in Lending Act of 1968
payday loans
45. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)
pawn shops
title for goods
usury
foreclosure
46. Is a loan that does not require collateral from the borrower
prepayment
variable interest
unsecured loans
mortgage brokers
47. An evaluation of a person's credit history
payday loans
credit rating
low credit rating
bankruptcy Chapter 7
48. 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.
APR (Annual Percentage Rate)
credit cards
lien
low credit rating
49. An interest rate that does not change
fixed interest rate
credit history
Truth in Lending Act of 1968
bankruptcy Chapter 7
50. Taking away property due to failure to repay the debt
mortgage
cash advances
repossession
balance owed