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






2. Puchasing more than your budget allows






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






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






5. Financial organization that specializes in automobile loans to consumers






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






7. Minimum amount due on credit balance






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






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






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






11. An interest rate that does not change






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






13. 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.






14. 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.






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






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






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






18. A claim upon property to satisy a debt






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






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






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






22. A payment required for not fulfilling a contract






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






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






25. 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






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






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






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






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






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






31. 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.






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






33. 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






34. 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






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






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






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






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






40. 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.






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






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






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






44. An evaluation of a person's credit history






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






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






47. Capacity - character and collateral

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






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






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