taxes & insurance test

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

What is the average monthly renter's insurance premium cost in the U.S.?

$15/month

The FDIC insured deposit limit is

$250,000

Under current law, until what age can child stay on their parents' health insurance?

26

What is an annual fee?

A fee charged by a card issuer for being a card holder

Your Health Insurance copay is

A fixed amount of money you pay each time you use your plan

This professional analyzes statistics and uses them to calculate risks and premiums.

Actuary

Where can you find reviews on products?

All are great resources

What purchasing options should you consider when shopping?

All are options to consider

You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?

American Express

The cost of credit expressed as a yearly interest rate is known as

Annual Percentage Rate (APR)

Which insurance coverage is required by law?

Auto Insurance & FDIC

How can you obtain health insurance?

Buying directly from an insurance agent & Shopping on the health Insurance Marketplace

A stone hits your windshield. Which type of coverage would likely cover this expense?

Comprehensive

What is a product that quickly wears out?

Consumable good

A policy is contract between the

Consumer and the insurance company

Which of the following wouldn't save you money on your auto insurance premium?

Decrease your deductible

The out of pocket cost to the insured when a loss occurs is called

Deductible

What factors impact the cost of your auto insurance premium?

Deductible amount & The vehicle you are insuring & Your credit score

What type of product is bought with the intention of it lasting for a significant length of time?

Durable Good

There's no penalty if I pay my credit card balance after the due date.

False

When you are considering making a purchase, you should always buy new so it lasts longer.

False

Which types of insurance are most appropriate for single, working 24-year-old?

Health Insurance & Disability Insurance & Auto Insurance

How do you know when website is secure?

If the address is "https" rather than just "http"

The federal agency that oversees insurance companies is

Insurance companies are regulated on state-by-state basis

The cost of borrowing money is referred to as

Interest

What role does insurance play in financial planning?

It guarantees that income and assets are protected

Which is TRUE about Social Security?

It replaces part of your incomes when you retire & It replaces part of your income if you become disabled & It replaces part of your income if you die leaving survivors

Paying the minimum payment on a credit card every month will

Make the final amount paid substantially higher than the amount initially charged to the card

Which of the following would be covered under a renter's insurance policy?

Medical bills of another person who is injured on the property.

The least amount that must be paid on credit card each month is

Minimum payment

What information is typically listed on an insurance policy?

Name of person or property being insured & Deductible amounts & The policy period

How can you avoid paying interest fees on your credit card?

Pay off the full balance, on time, each month

How can a cardholder avoid paying interest on a credit card?

Pay the balance in full every month

What are the steps in the planned buying cycle process?

Prioritize wants, research, evaluate budget, buy

Jennifer has an auto policy of $20,000/$40,000/$10,000. The $10,000 covers

Property damage per occurrence

Having a high credit score will allow lenders to give you lower interest rates

True

Insurance is based on the concept of shared risk or risk pooling

True

It is wise to compare credit card offers before choosing one

True

When reading reviews about the product, the more people that have reviewed the product the better.

True

You should go through the planned buying process ( to some degree) with every single purchase you make.

True

Benefits of credit cards include

all of these

Examples of penalty fees include

all of these

The maximum amount you may borrow on a credit card is known as

credit limit

What is a good practice when it comes to credit cards?

paying the amount charged in full each month

How do you calculate the cost per use for a product?

total cost / times used

When considering purchasing a product, you should also consider:

you should consider all of these things.


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