Test your basic knowledge |

Wealth Management

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. The rights of an individual to own - use - rent - invest in - buy - and sell property.






2. An obligation to pay money to another party






3. Simplified IRS tax form which some individuals can file instead of the 1040 form.






4. Someone who has insufficient assets to cover their debts






5. The sum of all bonds issued by the municipality and subtracts self-supporting debt from the figure






6. Having honest intentions






7. The excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses) The income that is received






8. A bank account that accumulates interest






9. Something of value; a resource; an advantage






10. Loan with equal number of payments of the same amount over a fixed period of time.






11. Someone who lends money at excessive rates of interest






12. A general and progressive increase in prices






13. Payment for insurance






14. A deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.)






15. Short for Federal Insurance Contributions Act - the name given on the paycheck stub for Social Security and Medicare taxes. The employee pays some of the FICA tax - and and the employer pays some of this tax for each employee. Social Security pays be






16. The amount of tax owed






17. An accounting entry acknowledging income or capital items






18. A clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount






19. Is your gross income after certain reductions have been made






20. The act of lending money at an exorbitant rate of interest






21. The withholding form each new employee fills out - stating the number of exemptions. the more exemptions listed - the less withholding tax will be taken from the paycheck.






22. Is your gross income after certain reductions have been made






23. Business organizations that accommodate the buying and selling of securities.






24. A loan backed by something valuable - such as property






25. This stands for annual percentage rate - which is a number calculated by taking into account the total cost of the loan - including what the borrower will pay in interest; this makes it easier to compare different loan offers






26. Prompt payment for goods or services in currency or by check






27. Someone who has insufficient assets to cover their debts






28. A venture undertaken without regard to possible loss or injury






29. The amount of tax owed






30. The value of a security that is set by the company issuing it






31. A guarantee of accrued benefits to participants at retirement age - regardless of their employment status at that time






32. A record of checks written and deposits made in a checking account - kept by the depositor






33. Place to create a savings account.






34. The process of managing one's assets and wealth






35. Savings account that pays market rate or better interest and allows access to funds without penalty.






36. The outcome of an event especially as relative to an individual






37. Income before taxes






38. Electronic Funds Transfer






39. An extra charge for various credit activities such as using an ATM or receiving a cash advance






40. The extent to which something is covered






41. Income before taxes






42. Stock other than preferred stock






43. Total assets minus total liabilities






44. Items of personal interest to collectors that can increase in value in the future






45. Simplified IRS tax form which some individuals can file instead of the 1040 form.






46. Institution that functions much like a business - but does not operate for the purpose of generating profits






47. An amount that credit card companies can charge for the use of a credit card.






48. A trust taking effect during the lifetime of a trustor. Also called an inter vivos trust.






49. Protection against future loss






50. A payment given as a guarantee that an obligation will be met