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. Maintain by writing regular records






3. Shares of ownership in a company






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






5. The extent to which something is covered






6. Electronic Data Gathering Analysis and Retrieval - the electronic system used by the SEC to enable investors to search electronically for financial reports filed by individual companies






7. The interest rate that a bond issuer will pay to a bondholder






8. The recipient of funds or other benefits






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






10. A debt; something disadvantageous






11. Whatever must be given up to obtain some item






12. Items which the IRS allows to be subtracted from your gross taxable income in order to determine your taxable income.






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






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






15. Electronic Funds Transfer






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






17. Limited quantities of resources to meet unlimited wants






18. The amount of tax owed






19. The apparent worth as opposed to the real worth






20. All costs or bills related to the business






21. A loan where the payment is acheived through interest






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






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






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






25. 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.






26. Place to create a savings account.






27. Someone who lends money at excessive rates of interest






28. Short for Federal Insurance Contributions Act - the name given on the paycheck stub for Social Security and Medicare taxes. The employee pays some of the FICA tax - and and the employer pays some of this tax for each employee. Social Security pays be






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






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






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






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






33. Profits paid to investors






34. 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






35. Interest calculated on both the principal and the accrued interest






36. The economical needs of an individual






37. Total assets minus total liabilities






38. Programs aimed at helping employees integrate - assimilate - and transition to new jobs






39. A yearly statement of the financial condition - progress - and expectations of an organization






40. The act of reducing the selling price of merchandise






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






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






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






44. 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






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






46. The distribution of investment funds among broad classes of assets.






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






48. The interest rate that a bond issuer will pay to a bondholder






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






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