HTP Test

Relationship management

Ability to manage the emotions of others

Implicit bias

Subconscious attitudes that influence behavior without conscious awareness

Confirmation bias

Tendency to favor information that confirms pre-existing benefits or stereotypes

Cognitive dissonance

Evaluating when personal actions or behaviors conflict with core values, leading to the need for realignment

Impartiality

Making decisions based on objective criteria, without bias

Contingency planning

Anticipating potential challenges and preparing solutions in advance

Time allocation

Allocating enough time for each task to ensure quality results

Personality framework

Utilizing models like Myers-Briggs or the DISC assessment to understand diverse personalities

Crowdsourcing

Leveraging the collective knowledge of a community to address challenges

Electronic Funds Transfer (EFT)

Includes online banking, direct deposits, and mobile payment apps

Banknotes

Official paper money that’s considered legal tender

Dividends

Share of profits paid to shareholders of a corporation

Transfer payments

Government payments such as Social Security or unemployment benefits

Withholdings

Federal/state taxes, social security, Medicare

Voluntary deductions

Retirement, insurance, etc.

Year-To-Date

Totals that track income and deductions for the year

Endorsements

Sign the back of checks properly (blank, restrictive, or special endorsement)

Reconciling a bank statement

Matching personal records to the bank’s records to ensure no discrepancies

APR (Annual Percentage Rate)

Used to calculate the cost of borrowing

Trusts

Help avoid probate and manage wealth transfer

Beneficiary designations

For retirement accounts and life insurance

Commercial banks

Offer checking/savings accounts, loans, and credit services

Credit unions

Member-owned institutions providing similar services to banks

Investment firms

Helps clients buy stocks, bonds, mutual funds, and other securities

Insurance companies

Provide coverage to protect individuals and business from financial loss

Mortgage lenders

Specialize in home and property loans

Time horizon

Length of time planned to invest before needing access to the funds

Diversification

Spreading investments across asset types to reduce risks