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 act of proving that an instrument purporting to be a will was signed and executed in accord with legal requirements






2. Interest calculated on both the principal and the accrued interest






3. The standard IRS form for individual tax returns.






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






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






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






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






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






9. A share set aside for a specific purpose






10. The act of committing money or capital to an endeavor (a business - project - real estate - etc.) with the expectation of obtaining an additional income or profit.






11. A mutual fund that invests in the stocks that are the basis of a well-known stock or bond index






12. An obligation to pay money to another party






13. Payment for insurance






14. The amount accruing to the corporations owners

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15. The extent to which something is covered






16. A fixed charge for borrowing money






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






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






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






20. Making money for owning something






21. Cash payments made by the government to people who do not supply goods - services - or labor in exchange for these payments. They include Social Security benefits - veterans' benefits - and welfare payments.






22. The amount accruing to the corporations owners

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23. A general and progressive increase in prices






24. Having honest intentions






25. Electronic Funds Transfer






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






27. 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






28. The amount of money you would need to deposit now in order to attain a desired amount in the future






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






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






31. A bank - credit union - savings and loan - or other organization that offers services related to saving and borrowing money






32. A loan that is paid off in a fixed rate over a period of time






33. All costs or bills related to the business






34. The recipient of funds or other benefits






35. An accounting entry acknowledging income or capital items






36. The shares available to sell/buy






37. The fee - expressed as a percentage - a borrower owes for the use of a creditor's money. At an interest rate of 10% - a borrower would pay $110 for $100 borrowed.






38. The co-option of another person's personal information (e.g. - name - social security number - credit card number - passport) without that person's knowledge and the fraudulent use of such knowledge






39. Give back (tax return)






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






41. A legal process intended to insure equality among the creditors of a corporation declared in bankruptcy






42. Act of combinging all debts into one monthly payment - typically extending the terms and the length of time required to repay the debt






43. The apparent worth as opposed to the real worth






44. A business activity that changes assets - liabilities - or owner's equity






45. The distribution of investment funds among broad classes of assets.






46. Maintain by writing regular records






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






48. The amount of tax owed






49. A mutual fund that invests in the stocks that are the basis of a well-known stock or bond index






50. Short-term and Long-term objectives that are driven by values.