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






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






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






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






5. Having honest intentions






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






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






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






9. The amount of tax owed






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






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






12. Maintain by writing regular records






13. 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.






14. 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






15. The period covered by a salary payment






16. The act of reducing the selling price of merchandise






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






18. Diagnosis Codes (in CCB Popup if more then 5 codes)






19. The standard IRS form for individual tax returns.






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






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






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






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






24. The excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)






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






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






27. 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






28. Funds that are often times traded through a stock exchange (NYSE)






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






30. The extent to which something is covered






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






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






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






34. A loan where a borrower gets a cash advanced based on his paycheck. These loans generally must be repaid on the next payday.






35. A fixed charge for borrowing money






36. An estimation of the value of a business that is obtained by multiplying the number of shares outstanding by the current price of a share






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






38. The maximum credit that a customer is allowed






39. An obligation to pay money to another party






40. Stock whose holders are guaranteed priority in the payment of dividends but whose holders have no voting rights






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






42. The act of reducing the selling price of merchandise






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






44. An accounting entry acknowledging sums that are owing






45. 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.






46. Payment for insurance






47. 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.






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






49. Limited quantities of resources to meet unlimited wants






50. 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.