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. Compute credits and debits of an account






2. A loan that is paid off in a fixed rate over a period of time






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






4. The time interval between the deposit of a check in a bank and its payment






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






6. Income on which tax must be paid; total income minus exemptions and deductions






7. The extent to which something is covered






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






9. Anything that is used to produce goods or services






10. The process of making a decision - usually complex






11. Compute credits and debits of an account






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






13. Total assets minus total liabilities






14. An exchange that occurs as a compromise






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






16. Simplified IRS tax form which some individuals can file instead of the 1040 form.






17. Anything that is used to produce goods or services






18. A delay in enforcing rights or claims or privileges






19. Whatever must be given up to obtain some item






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






21. The money paid for employee services






22. Making money for owning something






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






24. A fixed charge for borrowing money






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






26. 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.






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






28. The outcome of an event especially as relative to an individual






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






30. An obligation to pay money to another party






31. The sum of all bonds issued by the municipality and subtracts self-supporting debt from the figure






32. Funds that pay part of their distributions out of principal cannibalize their assets. This depletes the fund's asset base. Funds cannibalize assets to maintain a dividend and keep shareholders happy. However - like feeding a cow its own milk - this p






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






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






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






36. Arrangement for deferred payment for goods and services






37. Limited quantities of resources to meet unlimited wants






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






39. 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






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






41. A delay in enforcing rights or claims or privileges






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






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






44. An act of economizing






45. 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.






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






47. An act of economizing






48. Loan where the lender goes through the borrower






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






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