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. An obligation to pay money to another party






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






3. 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.






4. 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.






5. The maximum credit that a customer is allowed






6. Limited quantities of resources to meet unlimited wants






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






8. Receiving money for loaning money






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






10. Electronic Funds Transfer






11. Prompt payment for goods or services in currency or by check






12. Something of value; a resource; an advantage






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






14. The process of making a decision - usually complex






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






16. The act of taking out money or other capital






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






18. A specific plan for spending your income






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






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






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






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






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






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






25. A debt; something disadvantageous






26. 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.






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






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






29. A record of checks written and deposits made in a checking account - kept by the depositor






30. A loan where the payment is acheived through interest






31. The amount of tax owed






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






33. Profits paid to investors






34. A delay in enforcing rights or claims or privileges






35. 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.






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






37. Someone who has insufficient assets to cover their debts






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






39. Money paid to a worker






40. 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.






41. The apparent worth as opposed to the real worth






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






43. A legal process intended to insure equality among the creditors of a corporation declared in bankruptcy






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






45. All costs or bills related to the business






46. An exchange that occurs as a compromise






47. 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






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






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






50. An estimation of the value of a business that is obtained by multiplying the number of shares outstanding by the current price of a share