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 loan backed by something valuable - such as property






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






3. The standard IRS form for individual tax returns.






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






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






6. Stock other than preferred stock






7. Having honest intentions






8. The money paid for employee services






9. Something of value; a resource; an advantage






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






11. An accounting entry acknowledging income or capital items






12. Income before taxes






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






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






15. A guarantee of accrued benefits to participants at retirement age - regardless of their employment status at that time






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






17. An obligation to pay money to another party






18. Stock other than preferred stock






19. Give back (tax return)






20. The period covered by a salary payment






21. The recipient of funds or other benefits






22. 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.






23. Loan where the lender goes through the borrower






24. An obligation to pay money to another party






25. Someone who lends money at excessive rates of interest






26. A loan made on the signature and credit of the borrower - not secured by collateral. Credit card. (Debenture)






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






28. The maximum credit that a customer is allowed






29. The sum of all bonds issued by the municipality and subtracts self-supporting debt from the figure






30. Things that incite or spur to action; rewards or reasons for performing a task.






31. A share set aside for a specific purpose






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






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






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






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






36. 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.






37. An accounting entry acknowledging sums that are owing






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






39. A clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount






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






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






42. 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






43. The money paid for employee services






44. A guarantee of accrued benefits to participants at retirement age - regardless of their employment status at that time






45. 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






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






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






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






50. A specific plan for spending your income