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






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






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






4. An evaluation of a person's credit history






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






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






7. Capacity - character and collateral

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






9. 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.






10. Failure to repay a debt






11. 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






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






13. 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






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






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






16. 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.






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






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






19. Puchasing more than your budget allows






20. 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






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






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






23. 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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






41. 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.






42. A claim upon property to satisy a debt






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






44. 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






45. Financial organization that specializes in automobile loans to consumers






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






47. 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






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






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






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