Personal Finance Exam Review

Comprehensive coverage pays for loss or damage to your car caused by _________.

• Anything other than a collision

• Accidents that happen on the road

• A collision

• Personal injuries

Through the Affordable Care Act, you can stay on your parents’ health insurance until....

• You turn 26 years old

• You turn 18 years old

• You get married

• You move out of the house

Medicare and Medicaid are examples of.....

• Health Savings Accounts

• Government programs for public health insurance

• Private health insurance companies

• Emergency Medical Systems

What is deductible?

• The amount of money the insurance company agrees to pay.

• The amount you have to pay before the insurance company will make a payment.

• When you report an incident and ask to be compensated for the cost.

• The amount of money you pay for your insurance policy every month.

The money you earn hourly for your time and effort at work is called __________.

• Wages

• Salary

• Minimum wages

• Income tax

What does the form W-4 estimate?

• How much tax you'll owe based on your personal situation.

• How much income you should be making.

Every American who earns an income must file a _________ each year.

Your greatest tool to building wealth is ___________.

What is the best way to avoid falling into debt?

• Use credit to pay for large expenses now so that you have plenty of time to pay it off.

• Only buy things that you can purchase with cash.

• Use airline miles earned through a credit card to help pay for a vacation.

• Take out a small loan for any purchases over $1,000.

The _________ is the total amount of the car loan, plus taxes and fees.