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






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






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






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






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






6. 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






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






8. 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






9. Interest rates are effective annual yields






10. An evaluation of a person's credit history






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






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






13. 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.






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






15. 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






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






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






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






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






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






21. Failure to repay a debt






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






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






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






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






26. A payment required for not fulfilling a contract






27. Puchasing more than your budget allows






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






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






30. 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.






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






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






33. A claim upon property to satisy a debt






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






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






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






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






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. 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






40. 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.






41. An interest rate that does not change






42. 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






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






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






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






46. 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






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






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






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






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