Insurance

Insurance can help you:

• minimize monthly expenses
• protect against unexpected accidents
• reduce the chances o fgetting into an accident
• cover al lout-­‐of-­‐pocket costs

Jan pays $70 each month for her auto insurance policy. This regular payment is called a:

• co-­‐pay
• deductible
• premium
• claim

In which of the following scenarios will you been titled to pay the least amount of money out-­‐of-­‐pocket for medical expenses?

• You have no insurance.
• You have health insurance with a $500 deductible.
• You have auto insurance with a $700 deductible.
• You have health insurance with a $1,500 deductible.

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 before your insurance covers your costs?

• $200
• $500
• $700
• $900

You have an insurance policy with the terms listed below. How much should you expect to pay the insurance company each month for coverage?YOUR
INSURANCE PLAN: Premium=$300/month; Deductible=$500

• $200
• $300
• $500
• $800

Which of the following typically have the highest insurance premiums.

• Young, inexperienced drivers
• Older, experienced drivers
• Drivers who have with safe driving records
• Drivers who travel long distances

When you purchase an item in a store, you may be charged_______.

• income tax
• capital gains tax
• sales tax
• property tax

Which of the following statements about taxes is FALSE?

• Taxes are collected at the local, state and federal level
• Some states don't collect income tax
• Some States don't collect sales tax
• Taxes at the local, state and federal levels are all equal

Which of the following are NOT deducted on a typical paystub:

• Sales Tax
• Social Security Tax
• State Income Tax
• Medicare Tax

When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is the ____.

• 1040EZ
• 1099
• W-­‐2
• W-­‐4