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 in which the rate can be altered to adjust to economical need






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






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






4. An act of economizing






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






6. 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.






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






8. The act of reducing the selling price of merchandise






9. 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.






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






11. A specific plan for spending your income






12. Payment for insurance






13. Electronic Funds Transfer






14. 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.






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






16. A debt; something disadvantageous






17. An accounting entry acknowledging sums that are owing






18. Is your gross income after certain reductions have been made






19. 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.






20. An obligation to pay money to another party






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






22. 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.






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






24. The process of making a decision - usually complex






25. Someone who lends money at excessive rates of interest






26. The standard IRS form for individual tax returns.






27. A regular payment to a person that iis intended to allow them to subsist without working






28. The time interval between the deposit of a check in a bank and its payment






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






30. The date on which a financial obligation must be repaid






31. The apparent worth as opposed to the real worth






32. Items of personal interest to collectors that can increase in value in the future






33. The maximum credit that a customer is allowed






34. Profits paid to investors






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






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






37. Stock whose holders are guaranteed priority in the payment of dividends but whose holders have no voting rights






38. A document - usually containing financial data - that a company delivers to the SEC and - thereby - to the public.






39. Electronic Funds Transfer






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






41. Protection against future loss






42. Is your gross income after certain reductions have been made






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






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






45. 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.






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






47. A technique to gain personal information for the purpose of identity theft - usually by means of fraudulent e-mail






48. 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






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






50. 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