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






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






3. Interest rates are effective annual yields






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






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






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






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






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






9. A payment required for not fulfilling a contract






10. A claim upon property to satisy a debt






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






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






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






14. Failure to repay a debt






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






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






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






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






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






20. 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






21. 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.






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






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






24. Financial organization that specializes in automobile loans to consumers






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






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






27. 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.






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






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






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






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. 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






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






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






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






36. 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






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






38. 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.






39. An evaluation of a person's credit history






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






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






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






43. 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






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






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






46. An interest rate that does not change






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






48. Capacity - character and collateral

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






50. 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.