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 financial statement that gives operating results for a specific period






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






3. 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.






4. A venture undertaken without regard to possible loss or injury






5. Receiving money for loaning money






6. An accounting entry acknowledging income or capital items






7. 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.






8. The outcome of an event especially as relative to an individual






9. The period covered by a salary payment






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






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






12. The amount accruing to the corporations owners

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






14. 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






15. Income before taxes






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






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






18. Protection against future loss






19. A loan where the payment is acheived through interest






20. The standard IRS form for individual tax returns.






21. 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.






22. A venture undertaken without regard to possible loss or injury






23. An evaluation by a rating company of the probability that a particular bond issue will default






24. Profits paid to investors






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






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






27. The amount accruing to the corporations owners

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






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






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. An institution that issues something (securities or publications or currency etc.)






32. An accounting entry acknowledging sums that are owing






33. Limited quantities of resources to meet unlimited wants






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






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






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






37. The maximum credit that a customer is allowed






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






39. 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






40. Concern for ones own well being and advantages






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






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






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






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






45. Limited quantities of resources to meet unlimited wants






46. Total assets minus total liabilities






47. A general and progressive increase in prices






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






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






50. All of the investments - including stocks - bonds - mutual funds - options - and commodities - that are traded.