Consumer Math Pre Assessment

Front

What is an adjustable rate mortgage?

Back

A mortgage loan with an interest rate that can change over time, typically in relation to an index.

Front

Why do males pay more for auto insurance?

Back

Statistically, males are involved in more accidents than females, leading to higher insurance rates.

Front

What is a credit card?

Back

A small plastic card issued by a financial institution that allows the cardholder to borrow funds to make purchases.

Front

What is a deductible in insurance?

Back

The amount the insured must pay out of pocket before the insurance company pays for a claim.

Front

How much will Julie's insurance pay if she has a $1,500 deductible and $4,000 in damages?

Back

$2,500, which is the total damage minus the deductible.

Front

What is Social Security?

Back

A government program that provides income support for people who are unemployed, disabled, or over age 65.

Front

What is a fixed rate mortgage?

Back

A mortgage with an interest rate that remains the same throughout the life of the loan.

Front

What is a balloon mortgage?

Back

A type of mortgage that requires a large final payment at the end of the loan term.

Front

What is a debit card?

Back

A card that allows the holder to access funds directly from their bank account to make purchases.

Front

What is the purpose of Medicare?

Back

A federal health insurance program primarily for individuals aged 65 and older.