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Test your basic knowledge |
Credit
Start Test
Study First
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
Consumer Credit Counseling Services (CCCS)
PIN (personal identification number)
penalty
title for goods
2. Failure to repay a debt
due date
repossession
prepayment
default
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
variable rate
bankruptcy Chapter 13
fixed rate of interest
finance charge
4. Home owners can borrow against the appraised value of their already purchased homes
home equity loans
auto finance companies
Consumer Credit Counseling Services (CCCS)
lien
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
finance charge
consumer debt
bankruptcy Chapter 11
3 C's of credit
6. Means that the APR can go up or down depending on economic factors
variable rate
fixed interest rate
mortgage brokers
PIN (personal identification number)
7. The right to hold - possess - control and dispose of property
ownership
Consumer Credit Counseling Services (CCCS)
finance charge
credit cards
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.
variable rate
bankruptcy Chapter 7
usury
predatory lending
9. Aa financial institution that accepts deposits and channels the money into lending activities
PIN (personal identification number)
credit history
bank
cash advances
10. The act of lending money at an interest rate higher than that permitted by law
bankruptcy
installment loans/credit
identity theft
usury
11. If the consumer makes the minimum payment - interest charges continue to accrue on all outstanding balances.
minimum amount due
low credit rating
fixed rate of interest
debtors anonymous
12. Interest rates are effective annual yields
usury
due date
secured loans
fixed rate of interest
13. The unscheduled partial or complete payment of the principal amount outstanding on a loan - such as a mortgage - before it is due.
secured credit card
minimum payment
prepayment
title for goods
14. A number you choose and use to identify themselves to gain access to various accounts
prepayment
fixed rate of interest
Truth in Lending Act of 1968
PIN (personal identification number)
15. Yearly percmet amount it will cost a person to use credit
bankruptcy
installment loans/credit
ownership
APR (Annual Percentage Rate)
16. The price a borrow pays a creditor for the use of money over a period of time
consumer debt
revolving credit
penalty
interest (APR)
17. An interest rate that does not change
garnishment
mortgage
fixed interest rate
collateral
18. The crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
auto finance companies
identity theft
credit cards
minimum amount due
19. A numerical rating based on person's credit history that represents their credit worthiness
credit score
collateral
bankruptcy Chapter 13
credit limit
20. Capacity - character and collateral
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21. Financial organization that specializes in automobile loans to consumers
secured loans
credit report
credit score
auto finance companies
22. A payment required for not fulfilling a contract
late fee
lien
balance owed
penalty
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.
bankruptcy Chapter 7
tax preparers
minimum payment
cash advances
24. A claim upon property to satisy a debt
lien
credit report
finance charge
debtors anonymous
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
line of credit
mortgage brokers
predatory lending
low credit rating
26. Taking away property due to failure to repay the debt
mortgage
consolidation loans
repossession
predatory lending
27. Debt that has been incurred primarily for the purchase of consumer goods
credit rating
low credit rating
repossession
consumer debt
28. A card used for making payments; balance must be paid in full when the statement is received
revolving credit
charge cards
bankruptcy Chapter 13
PIN (personal identification number)
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.
pawn shops
credit reporting agency
charge cards
penalty
30. A long-term loan extended to someone who buys property
mortgage
lien
repossession
line of credit
31. The maximum amount of credit a lender will extend to a customer
consolidation loans
grace period
credit limit
identity theft
32. Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items)
pawn shops
foreclosure
3 C's of credit
identity theft
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.
credit rating
Truth in Lending Act of 1968
low credit rating
minimum amount due
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
minimum amount due
revolving credit
liquidation
credit cards
35. Puchasing more than your budget allows
balance owed
Truth in Lending Act of 1968
bank
overspending
36. A legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt
foreclosure
co-signed loans
consolidation loans
consumer debt
37. Provided a temporary loan at a high interest rate until your next paycheck
credit reporting agency
identity theft
payday loans
credit limit
38. One who places mortgage loans with lenders for a fee - but does not orginate or service loans.
mortgage brokers
low credit rating
secured credit card
predatory lending
39. Bank or business that allows somebody to purchase goods and services and pay for them later - often with interest
mortgage
usury
secured loans
credit card companies
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
bankruptcy Chapter 7
Consumer Credit Counseling Services (CCCS)
revolving credit
credit score
41. One large loan made to consumers to pay several debts at once
consumer debt
PIN (personal identification number)
consolidation loans
liquidation
42. Is a loan that does not require collateral from the borrower
usury
credit rating
3 C's of credit
unsecured loans
43. An interest rate that moves up and down based on the changes of an underlying interest rate index
variable interest
default
debtors anonymous
fixed interest rate
44. A record of whether or not a person has paid his or her bills on time in the past
payday loans
bank
credit report
credit history
45. Loans for which the borrower is required to pledge specific assets as collateral or security
home equity loans
credit rating
secured loans
3 C's of credit
46. One that requires you to keep a savings account as security
auto finance companies
Truth in Lending Act of 1968
cash advances
secured credit card
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
line of credit
co-signed loans
Truth in Lending Act of 1968
payday loans
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.
balance owed
repossession
predatory lending
Consumer Credit Counseling Services (CCCS)
49. The date on which a financial obligation must be repaid
credit card companies
due date
interest (APR)
title for goods
50. A penalty for making a payment after the due date
Consumer Credit Counseling Services (CCCS)
secured credit card
late fee
cash advances