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. The date on which a financial obligation must be repaid






2. Making money for owning something






3. Arrangement for deferred payment for goods and services






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






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






6. A fixed charge for borrowing money






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






8. Electronic Funds Transfer






9. 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






10. 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






11. The apparent worth as opposed to the real worth






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






13. Something of value; a resource; an advantage






14. Someone who lends money at excessive rates of interest






15. All costs or bills related to the business






16. Money paid to a worker






17. Payment for insurance






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






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






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






21. 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.






22. Making money for owning something






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






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






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






26. Loan where the lender goes through the borrower






27. A bank account that accumulates interest






28. 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






29. Whatever must be given up to obtain some item






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






31. A specific plan for spending your income






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






33. 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.






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






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






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






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






38. The shares available to sell/buy






39. 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






40. An accounting entry acknowledging sums that are owing






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






42. Financial reports that summarize the financial condition and operations of a business






43. An evaluation by a rating company of the probability that a particular bond issue will default






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






45. Immunity from a general burden - tax or charge; in bankruptcy or judgment executions - that portion of the debtor's property that cannot be liquidiated and applied to her debts






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






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






48. The legal proceedings initiated by a creditor to repossess the collateral for loan that is in default






49. A loan where the payment is acheived through interest






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