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






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






3. 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.






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






5. 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






6. 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






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






8. Capacity - character and collateral

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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. 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.






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






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






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






14. Minimum amount due on credit balance






15. 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






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






17. An interest rate that does not change






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






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






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






21. A claim upon property to satisy a debt






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






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






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






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






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






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






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






29. Interest rates are effective annual yields






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






31. A payment required for not fulfilling a contract






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






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






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






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






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






37. An evaluation of a person's credit history






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






39. 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






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






41. Failure to repay a debt






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






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






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






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






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. 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






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






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






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