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






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






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






4. The process of managing one's assets and wealth






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






6. Concern for ones own well being and advantages






7. Someone who lends money at excessive rates of interest






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






9. Limited quantities of resources to meet unlimited wants






10. Making money for owning something






11. 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






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






13. An accounting entry acknowledging sums that are owing






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






15. Protection against future loss






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






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






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






19. The period covered by a salary payment






20. Profits paid to investors






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






22. Savings account that pays market rate or better interest and allows access to funds without penalty.






23. 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.






24. Someone who has insufficient assets to cover their debts






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






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






27. The recipient of funds or other benefits






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






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






30. The co-option of another person's personal information (e.g. - name - social security number - credit card number - passport) without that person's knowledge and the fraudulent use of such knowledge






31. Something that is made open or revealed






32. A tax-deferred investment and savings plan that acts as a personal pension fund for employees






33. The amount accruing to the corporations owners

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






35. Production of a certain amount






36. 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.






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






38. A fixed charge for borrowing money






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






40. The maximum credit that a customer is allowed






41. A share set aside for a specific purpose






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






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






44. Anything that is used to produce goods or services






45. All costs or bills related to the business






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






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






48. Someone who has insufficient assets to cover their debts






49. The process of managing one's assets and wealth






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