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Business Math Ch. 6

Vocabulary

QuestionAnswer
A value put on property as a base of figuring amount of tax. Assessed Value
Auto insurance covering liability for injury to other persons. Bodily Injury
Fees and expenses paid to complete the transfer of ownership of a home. Closing Costs
Auto insurance that covers damage to the insured's car. Collision
Insurance that covers damage or loss to your vehicle from fire, theft, vandalism, and other causes. Comprehensive Damage
The decrease in value caused by wear and aging. Depreciation
The part of a price that is paid at the time of buying on the installment plan. Down Payment
An insurance policy that covers our home and protects you against risk. Homeowners Insurance
A rental agreement. Lease
The price printed on a sticker pasted on the window of a new car. Manufacturer's Suggested Retail Price (MSRP)
A paper signed by a borrower that gives the lender the right to ownership of property if the borrower does not pay the principle or interest. Mortgage Loan
The amount paid for insurance; a bond selling above par value is selling "at a premium." Premium
Auto insurance covering damage to property of other. Property Damage Insurance
A tax on value of real estate. Property Taxes
Similar to homeowners insurance, but not covering loss of building or apartment. Renters Policy
The amount you receive when you sell an asset, such as a car. Resale Value
Amount of money given to guarantee a lease. Security Deposit
The amount you get for your old car or other asset when buying a new car or other asset. Trade-In Value
Created by: acopper
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