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






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






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






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






5. 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






6. Minimum amount due on credit balance






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






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






9. 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






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






11. An interest rate that does not change






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






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






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






15. 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






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






17. 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.






18. Failure to repay a debt






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






20. A payment required for not fulfilling a contract






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






22. 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.






23. Financial organization that specializes in automobile loans to consumers






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






25. An evaluation of a person's credit history






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






27. 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.






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






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






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






31. A claim upon property to satisy a debt






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






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






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






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






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






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






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






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






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






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






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






43. Interest rates are effective annual yields






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






45. Capacity - character and collateral

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






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






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






49. 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.






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