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Test your basic knowledge |
Credit
Start Test
Study First
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 date on which a financial obligation must be repaid
late fee
Consumer Credit Counseling Services (CCCS)
due date
variable interest
2. Failure to repay a debt
identity theft
revolving credit
default
finance charge
3. An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period
line of credit
bankruptcy Chapter 7
minimum amount due
default
4. Capacity - character and collateral
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5. The right to hold - possess - control and dispose of property
bank
penalty
liquidation
ownership
6. Loans for which the borrower is required to pledge specific assets as collateral or security
foreclosure
bankruptcy Chapter 7
prepayment
secured loans
7. An evaluation of a person's credit history
penalty
credit rating
line of credit
credit reporting agency
8. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
co-signed loans
predatory lending
mortgage brokers
lien
9. Aa financial institution that accepts deposits and channels the money into lending activities
bank
credit cards
repossession
identity theft
10. 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
co-signed loans
cash advances
pawn shops
fixed rate of interest
11. A payment required for not fulfilling a contract
revolving credit
penalty
foreclosure
tax preparers
12. 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.
minimum payment
bankruptcy Chapter 7
predatory lending
mortgage
13. 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
debtors anonymous
low credit rating
collateral
consolidation loans
14. When someone with strong established credit signs a contract along with the borrower
due date
co-signed loans
prepayment
variable rate
15. A loan that is repaid with a fixed number of periodic equal-sized payments
mortgage
penalty
bankruptcy
installment loans/credit
16. Home owners can borrow against the appraised value of their already purchased homes
ownership
title for goods
home equity loans
PIN (personal identification number)
17. Bank or business that allows somebody to purchase goods and services and pay for them later - often with interest
unsecured loans
credit card companies
low credit rating
prepayment
18. The total amount that a person is charged for borrowing money; includes interest plus any service charges or insurance premiums
collateral
credit cards
finance charge
installment loans/credit
19. A legal document that provides a history of ownership and entitlement by the current owner
interest (APR)
title for goods
consolidation loans
credit history
20. The act of lending money at an interest rate higher than that permitted by law
penalty
bankruptcy Chapter 11
3 C's of credit
usury
21. The price a borrow pays a creditor for the use of money over a period of time
unsecured loans
credit card companies
installment loans/credit
interest (APR)
22. A claim upon property to satisy a debt
repossession
ownership
lien
interest (APR)
23. A long-term loan extended to someone who buys property
home equity loans
Consumer Credit Counseling Services (CCCS)
mortgage
minimum payment
24. 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.
co-signed loans
credit reporting agency
predatory lending
variable rate
25. 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
mortgage brokers
balance owed
charge cards
credit rating
26. A record of whether or not a person has paid his or her bills on time in the past
credit history
minimum amount due
home equity loans
low credit rating
27. Provided a temporary loan at a high interest rate until your next paycheck
mortgage
interest (APR)
payday loans
co-signed loans
28. A report showing all accumulated credit data on an individual; This is used for granting or denying credit
credit report
repossession
credit history
bankruptcy Chapter 7
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
liquidation
Truth in Lending Act of 1968
late fee
foreclosure
30. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt
installment loans/credit
interest (APR)
mortgage brokers
foreclosure
31. 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
charge cards
consumer debt
revolving credit
mortgage
32. Puchasing more than your budget allows
ownership
overspending
credit score
credit reporting agency
33. If the consumer makes the minimum payment - interest charges continue to accrue on all outstanding balances.
credit history
minimum amount due
fixed rate of interest
variable interest
34. 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
bankruptcy Chapter 11
consolidation loans
consumer debt
low credit rating
35. 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
installment loans/credit
Truth in Lending Act of 1968
bankruptcy Chapter 13
pawn shops
36. A nonprofit agency that gives free advice to people in financial difficulties
credit rating
overspending
garnishment
Consumer Credit Counseling Services (CCCS)
37. Minimum amount due on credit balance
minimum payment
auto finance companies
revolving credit
credit history
38. A penalty for making a payment after the due date
late fee
identity theft
secured loans
variable interest
39. An interest rate that does not change
bankruptcy Chapter 7
minimum amount due
fixed interest rate
secured loans
40. Is a loan that does not require collateral from the borrower
minimum payment
unsecured loans
bank
garnishment
41. Debt that has been incurred primarily for the purchase of consumer goods
consumer debt
credit reporting agency
fixed rate of interest
auto finance companies
42. 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.
debtors anonymous
bankruptcy Chapter 7
mortgage brokers
installment loans/credit
43. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
payday loans
liquidation
bankruptcy Chapter 13
identity theft
44. A card used for making payments; balance must be paid in full when the statement is received
title for goods
secured loans
auto finance companies
charge cards
45. A numerical rating based on person's credit history that represents their credit worthiness
credit score
predatory lending
ownership
bank
46. One large loan made to consumers to pay several debts at once
consolidation loans
3 C's of credit
credit history
bankruptcy Chapter 11
47. Interest rates are effective annual yields
low credit rating
revolving credit
bankruptcy Chapter 11
fixed rate of interest
48. Taking away property due to failure to repay the debt
repossession
PIN (personal identification number)
home equity loans
overspending
49. 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.
cash advances
revolving credit
tax preparers
finance charge
50. Means that the APR can go up or down depending on economic factors
variable rate
interest (APR)
credit limit
credit cards