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






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






3. All costs or bills related to the business






4. The money(usually a set amount) given to an individual to spend






5. An exchange that occurs as a compromise






6. Limited quantities of resources to meet unlimited wants






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






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






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






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






11. Financial statement that reports cash receipts and disbursements related to a firm's three major activities: operations - investments - and financing.






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






13. Stock other than preferred stock






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






15. The economical needs of an individual






16. A loan backed by something valuable - such as property






17. Having honest intentions






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






19. Profits paid to investors






20. 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.






21. Can be found in a newspaper and shows information about popular stocks.






22. Compute credits and debits of an account






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






24. The act of lending money at an exorbitant rate of interest






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






26. Making money for owning something






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






28. Payment for insurance






29. The process of making a decision - usually complex






30. Making money for owning something






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






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






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






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






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






36. The act of taking out money or other capital






37. Give back (tax return)






38. 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






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






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






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






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






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






44. 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.






45. 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






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






47. 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.






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






49. 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.






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