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






2. Maintain by writing regular records






3. The amount of tax owed






4. Income on which tax must be paid; total income minus exemptions and deductions






5. A share set aside for a specific purpose






6. 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






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






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






9. Give back (tax return)






10. Preparing a plan for transferring property during one's lifetime and at one's death






11. An accounting entry acknowledging sums that are owing






12. A financial statement that gives operating results for a specific period






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






14. A bank account that accumulates interest






15. A specific plan for spending your income






16. Whatever must be given up to obtain some item






17. The time interval between the deposit of a check in a bank and its payment






18. Time deposits that state the amount of the deposit - maturity - and rate of intrest being paid






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






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






21. The financial gain (earned or unearned) accruing over a given period of time






22. Electronic Data Gathering Analysis and Retrieval - the electronic system used by the SEC to enable investors to search electronically for financial reports filed by individual companies






23. A financial statement that gives operating results for a specific period






24. A debt; something disadvantageous






25. Place to create a savings account.






26. Programs aimed at helping employees integrate - assimilate - and transition to new jobs






27. Your periodic credit card bill - which describes and summarizes all the outstanding balances - purchases - payments - credits - finance charges and other transactions for the month






28. A tax-deferred investment and savings plan that acts as a personal pension fund for employees






29. A periodic statement prepared by a bank for each client






30. Payment for insurance






31. An institution that issues something (securities or publications or currency etc.)






32. All costs or bills related to the business






33. Funds that pay part of their distributions out of principal cannibalize their assets. This depletes the fund's asset base. Funds cannibalize assets to maintain a dividend and keep shareholders happy. However - like feeding a cow its own milk - this p






34. Something of value; a resource; an advantage






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






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






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






38. Concern for ones own well being and advantages






39. Production of a certain amount






40. The commercial activity of transporting and selling goods from a producer to a consumer






41. Loan where the lender goes through the borrower






42. A technique to gain personal information for the purpose of identity theft - usually by means of fraudulent e-mail






43. Financial organization that pools people's money and invests it






44. Financial reports that summarize the financial condition and operations of a business






45. Whatever must be given up to obtain some item






46. Debt backed by a mortgage - pledge of collateral - or other lien; debt for which the creditor has the right to pursue specific pledged property upon default. Examples include home mortgages - auto loans and tax liens.






47. Income before taxes






48. Compute credits and debits of an account






49. The apparent worth as opposed to the real worth






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