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






2. 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.






3. 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






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






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






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






7. 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






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






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






10. 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.






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






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






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






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






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






16. 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.






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






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






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






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






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






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






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






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






25. Puchasing more than your budget allows






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






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






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






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






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






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






32. 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






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






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






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






36. Minimum amount due on credit balance






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






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






39. Failure to repay a debt






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






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






42. A payment required for not fulfilling a contract






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






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






45. An evaluation of a person's credit history






46. 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






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






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






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






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






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