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. 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






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






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






4. Capacity - character and collateral

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






6. Financial organization that specializes in automobile loans to consumers






7. An interest rate that does not change






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






9. 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






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






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






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






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






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






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






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






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






18. An evaluation of a person's credit history






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






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






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






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






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






24. 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






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






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






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






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






30. 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.






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






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






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






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






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






36. Interest rates are effective annual yields






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






38. 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






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






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






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






42. 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.






43. Failure to repay a debt






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






45. Minimum amount due on credit balance






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






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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