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






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






3. 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






4. Failure to repay a debt






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






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






7. Capacity - character and collateral


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






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






10. Interest rates are effective annual yields






11. An interest rate that does not change






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






13. A claim upon property to satisy a debt






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






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






16. Minimum amount due on credit balance






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






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






19. 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






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






21. 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.






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






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






24. 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






25. 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.






26. 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






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






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






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






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






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






32. 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.






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






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






35. A payment required for not fulfilling a contract






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






37. An evaluation of a person's credit history






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






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






40. 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.






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






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






43. Financial organization that specializes in automobile loans to consumers






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






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






46. 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






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






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






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






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