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. Production of a certain amount






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






3. 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.






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






5. The recipient of funds or other benefits






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






7. The shares available to sell/buy






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






9. An exchange that occurs as a compromise






10. Anything that is used to produce goods or services






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






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






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






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






15. A legal document declaring a person's wishes regarding the disposal of their property when they die






16. Someone who has insufficient assets to cover their debts






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






18. 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






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






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






21. Loan where the lender goes through the borrower






22. The standard IRS form for individual tax returns.






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






24. Something that is made open or revealed






25. All costs or bills related to the business






26. An accounting entry acknowledging income or capital items






27. Something that is made open or revealed






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






29. Give back (tax return)






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






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






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






33. An automatic loan made to you if you write a check for more money than you have in your account






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






35. Immunity from a general burden - tax or charge; in bankruptcy or judgment executions - that portion of the debtor's property that cannot be liquidiated and applied to her debts






36. The maximum credit that a customer is allowed






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






38. The percentage of a sum of money charged for its use






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






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






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






42. The shares available to sell/buy






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






44. 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.






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






46. 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






47. The money paid for employee services






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






49. A general and progressive increase in prices






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