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






2. A loan where the payment is acheived through interest






3. A specific plan for spending your income






4. The money(usually a set amount) given to an individual to spend






5. The amount of tax owed






6. 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.






7. 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.






8. 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






9. The standard IRS form for individual tax returns.






10. 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.






11. The right to take another's property if an obligation is not discharged






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






13. The economical needs of an individual






14. A specific plan for spending your income






15. Shares of ownership in a company






16. A delay in enforcing rights or claims or privileges






17. 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.






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






19. The act of taking out money or other capital






20. Profits paid to investors






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






22. The legal proceedings initiated by a creditor to repossess the collateral for loan that is in default






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






24. A person appointed by a testator to carry out the terms of the will






25. 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.






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






27. Certificates that represent money the government has borrowed from private citizens






28. Payment for insurance






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






30. 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.






31. Someone who has insufficient assets to cover their debts






32. Limited quantities of resources to meet unlimited wants






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






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






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






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






37. The amount of tax owed






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






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






40. 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.






41. A loan backed by something valuable - such as property






42. An accounting entry acknowledging sums that are owing






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






44. The economical needs of an individual






45. 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






46. Something of value; a resource; an advantage






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






48. Arrangement for deferred payment for goods and services






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






50. Whatever must be given up to obtain some item