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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
reduce the chances of getting into an accident
B
financially protect against unexpected accidents
C
cover all out-of-pocket costs
D
minimize monthly expenses
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 auto insurance with a $700 deductible.
B
You have no insurance.
C
You have health insurance with a $500 deductible.
D
You have health insurance with a $1,500 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
$200
B
$900
C
$700
D
$500
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 minus taxes in one year, YTD Net Pay is how you've made in the last pay period.
B
Net Pay is how much you've made during a pay period, YTD Net Pay is how you've made this year.
C
Net Pay is how much you've made during a pay period, YTD Net Pay is how much is withheld for taxes.
D
Net Pay is how much you've made in a year, YTD Net Pay is how much is withheld for taxes.
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
$500
B
$800
C
$300
D
$200
8) Why might you complete a 1040 instead of a 1040EZ?
A
You make less than $100,000.
B
You don't claim any dependents.
C
None of the above.
D
You own a home.
9) Which of the following typically have the highest auto insurance premiums?
A
Drivers who travel short distances
B
Drivers who have safe driving records
C
Young, inexperienced drivers
D
Older, experienced drivers
10) The person who receives financial protection from a life insurance plan is called a:
A
Beneficiary
B
Insured
C
Giver
D
Payer
*select an answer for all questions
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