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






2. Electronic Funds Transfer






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






4. Profits paid to investors






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






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






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






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






9. 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.






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






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






12. By planning ahead you can ensure financial stability during your retirement.






13. An act of economizing






14. A delay in enforcing rights or claims or privileges






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






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






17. Preparing a plan for transferring property during one's lifetime and at one's death






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






19. Something of value; a resource; an advantage






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






21. Limited quantities of resources to meet unlimited wants






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. Place to create a savings account.






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






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






26. A bond with zero discounts






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






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






29. Your periodic credit card bill - which describes and summarizes all the outstanding balances - purchases - payments - credits - finance charges and other transactions for the month






30. 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






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






32. The standard IRS form for individual tax returns.






33. The process of making a decision - usually complex






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






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






36. Income before taxes






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






38. An institution that issues something (securities or publications or currency etc.)






39. 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.






40. An accounting entry acknowledging sums that are owing






41. Savings account that pays market rate or better interest and allows access to funds without penalty.






42. 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.






43. Your periodic credit card bill - which describes and summarizes all the outstanding balances - purchases - payments - credits - finance charges and other transactions for the month






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






47. The amount accruing to the corporations owners

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






49. A fixed charge for borrowing money






50. Having honest intentions