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. Failure to repay a debt






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






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






5. 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






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






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






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






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






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






12. Interest rates are effective annual yields






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






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






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






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






17. An interest rate that does not change






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






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






20. Capacity - character and collateral

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


21. Financial organization that specializes in automobile loans to consumers






22. A payment required for not fulfilling a contract






23. 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.






24. A claim upon property to satisy a debt






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






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






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






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






29. 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.






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






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






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






33. 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.






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






35. Puchasing more than your budget allows






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






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






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. 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






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






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






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






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






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






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






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. 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.






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






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