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






2. Grant use or occupation of under a term of contract






3. A loan where the payment is acheived through interest






4. Total assets minus total liabilities






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






6. A bank account that accumulates interest






7. Payment for insurance






8. The extent to which something is covered






9. Give back (tax return)






10. An amount of money given to the borrower for a set period of time. After the set time has passed - the money must be paid back plus the lending fee - called interest. Payments are normally made over a series of months.






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






12. The maximum credit that a customer is allowed






13. A debt; something disadvantageous






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






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






16. The amount accruing to the corporations owners

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






18. A loan in which the rate can be altered to adjust to economical need






19. By planning ahead you can ensure financial stability during your retirement.






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






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 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.






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






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






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






26. A debt not backed by specific property to satisfy the indebtedness in case of default.






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






28. The period covered by a salary payment






29. 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.






30. Can be found in a newspaper and shows information about popular stocks.






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






32. 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






33. 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.






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






35. Income before taxes






36. Loan deal in which the actual lender may not be known to the borrower.






37. Making money for owning something






38. Place to create a savings account.






39. Things that incite or spur to action; rewards or reasons for performing a task.






40. Beliefs of a person or social group in which they have an emotional investment (either for or against something)






41. A record of the financial situation of an institution on a particular date by listing its assets and the claims against those assets






42. A loan in which the rate can be altered to adjust to economical need






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






44. An accounting entry acknowledging sums that are owing






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






46. The amount of tax owed






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






48. The sum of current - fixed and intangible assets - which represents everything of value that is owned by the company






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






50. Bring into consonance or accord - to agree on terms