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 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.






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






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






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






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






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






8. 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.






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






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






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






12. An evaluation of a person's credit history






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






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






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






16. Financial organization that specializes in automobile loans to consumers






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






18. Puchasing more than your budget allows






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






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






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






22. 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.






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






24. A payment required for not fulfilling a contract






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






26. 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






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






28. 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.






29. Failure to repay a debt






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






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






32. A claim upon property to satisy a debt






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






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






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






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






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






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






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






41. Interest rates are effective annual yields






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






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






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






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






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






47. 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






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






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






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