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






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






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






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






5. Failure to repay a debt






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






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






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. 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






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






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






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






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






14. A claim upon property to satisy a debt






15. Financial organization that specializes in automobile loans to consumers






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






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






18. 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.






19. An evaluation of a person's credit history






20. 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.






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






22. Capacity - character and collateral


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






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






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






26. Minimum amount due on credit balance






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






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






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






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






31. Puchasing more than your budget allows






32. Interest rates are effective annual yields






33. A payment required for not fulfilling a contract






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






35. 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






36. An interest rate that does not change






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






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






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






40. 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.






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






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






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






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






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






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






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






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






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






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