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Personal Finance 11
Insurance and Taxes
Question | Choices | Answer |
---|---|---|
Jan pays $70 each month for her auto insurance policy. This regular payment is called a: | A. Co pay. B. Deductible. C. Premium. D. Claim | C. Premium |
If you cause a car accident, which type of insurance will require you to pay the least out of pocket? | A. High deductible plan. B. Low deductible plan. C. Either A or B. D. Neither A nor B | B. Low deductible plan |
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 no insurance. B. You have health insurance with a $500 deductible. C. You have health insurance with a $1,500 deductible | B. You have health insurance with a $500 deductible |
Tax you pay when making a profit from selling a house is an example of: | A. Sales Tax. B. Income Tax. C. Property Tax. D. Capital Gains Tax | D. Capital Gains Tax |
Your Auto insurance policy has a $200 monthly premium and a $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. $500. C. $700. D. $900 | C. $700 |
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. $200. B. $300. C. $500. D. $800 | B. $300 |
The person who receives financial protection from a life insurance plan is called a: | A. Beneficiary. B. Payer. C. Insured. D. Giver | A. Beneficiary |
Which of the following are NOT deducted on a typical paystub? | A. Sales tax. B. Social Security tax. C. State income tax. D. Medicare tax | A. Sales tax |
When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the: | A. 1040. B. 1099. C. W-40. D. W-4 | D. W-4 |
Insurance can help you: | A. Minimize monthly expenses. B. financially protect against unexpected accidents. C. Reduce the chances of getting into an accident. D. Cover all our of pocket costs | B. Financially protect against unexpected accidents |