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






2. 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.






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






4. 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






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






6. Minimum amount due on credit balance






7. Interest rates are effective annual yields






8. 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






9. Puchasing more than your budget allows






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






11. Failure to repay a debt






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






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






14. 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.






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






16. 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.






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






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






19. 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






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






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






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






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






24. 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






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






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






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






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






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






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






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






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






33. Financial organization that specializes in automobile loans to consumers






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






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






36. 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






37. A payment required for not fulfilling a contract






38. An evaluation of a person's credit history






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






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






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






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






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






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






45. An interest rate that does not change






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






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






48. Capacity - character and collateral

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






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