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






2. 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






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






4. 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.






5. 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






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






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






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






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






10. 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






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






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






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






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






15. Minimum amount due on credit balance






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






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






18. 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






19. A claim upon property to satisy a debt






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






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






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






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






24. 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.






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






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






27. 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






28. 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.






29. An interest rate that does not change






30. An evaluation of a person's credit history






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






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






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






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






35. Financial organization that specializes in automobile loans to consumers






36. 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.






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






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






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






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






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






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






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






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






45. Capacity - character and collateral

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






47. A payment required for not fulfilling a contract






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






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






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