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. Protection against future loss






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






3. 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






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






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






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






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






8. A debt; something disadvantageous






9. Place to create a savings account.






10. A share set aside for a specific purpose






11. A fixed charge for borrowing money






12. The excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)






13. An accounting entry acknowledging sums that are owing






14. A bond with zero discounts






15. 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.






16. The amount accruing to the corporations owners

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17. A loan where the payment is acheived through interest






18. 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.






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






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






21. Someone who lends money at excessive rates of interest






22. All costs or bills related to the business






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






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






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






26. A deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.)






27. Money paid to a worker






28. A payment given as a guarantee that an obligation will be met






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






30. Compute credits and debits of an account






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






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






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






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






35. Profits paid to investors






36. The value of a security that is set by the company issuing it






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






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






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






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






42. 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






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






44. A debt; something disadvantageous






45. The percentage of a sum of money charged for its use






46. The maximum credit that a customer is allowed






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






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






50. Income before taxes