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Personal Finance Insurance And Taxes
Test Description: Personal finance
Instructions: Answer all questions to get your test result.
1) Insurance can help you:
A
cover all out-of-pocket costs
B
minimize monthly expenses
C
financially protect against unexpected accidents
D
reduce the chances of getting into an accident
2) Jan pays $70 each month for her auto insurance policy. This regular payment is called a:
A
claim
B
co-pay
C
premium
D
deductible
3) In which of the following scenarios will you be entitled to pay the least amount of money out-of-pocket for a medical expense?
A
You have health insurance with a $1,500 deductible
B
You have no insurance.
C
You have health insurance with a $500 deductible.
D
You have auto insurance with a $700 deductible.
4) Tax that you pay when making a profit from selling a house is an example of:
A
Property Tax
B
Sales Tax
C
Capital Gains Tax
D
Income Tax
5) Your auto insurance policy has a $200 monthly premium and $700 deductible. What is the maximum amount you will have to pay out-of-pocket for a car accident before your insurance covers your costs?
A
$700
B
$500
C
$200
D
$900
6) On a pay stub, what is the difference between Net Pay and YTD Net Pay?
A
Net Pay is how much you've made in a year, YTD Net Pay is how much is withheld for taxes.
B
Net Pay is how much you've made during a pay period, YTD Net Pay is how much is withheld for taxes.
C
Net Pay is how much you've made during a pay period, YTD Net Pay is how you've made this year.
D
Net Pay is how much you've made minus taxes in one year, YTD Net Pay is how you've made in the last pay period.
7) You have an insurance policy with a $300 premium and a $500 deductible. How much should you expect to pay the insurance company each month for coverage?
A
$800
B
$500
C
$300
D
$200
8) Why might you complete a 1040 instead of a 1040EZ?
A
None of the above.
B
You don't claim any dependents.
C
You make less than $100,000.
D
You own a home.
9) Which of the following typically have the highest auto insurance premiums?
A
Young, inexperienced drivers
B
Drivers who have safe driving records
C
Drivers who travel short distances
D
Older, experienced drivers
10) The person who receives financial protection from a life insurance plan is called a:
A
Beneficiary
B
Payer
C
Insured
D
Giver
*select an answer for all questions
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