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






2. 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






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






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






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






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






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






8. 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.






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






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






12. 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






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






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






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






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






17. 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






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






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






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






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






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






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






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






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






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






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






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






29. 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






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






31. Interest rates are effective annual yields






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






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






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






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






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






37. 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.






38. 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






39. A claim upon property to satisy a debt






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






41. 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.






42. A payment required for not fulfilling a contract






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






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






45. 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






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






47. Failure to repay a debt






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






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






50. Financial organization that specializes in automobile loans to consumers