Eco w/ PFL Unit 3 Vocab

Deductible

• The total amount an insurance company will pay for covered expenses.

• The amount of money an individual must pay out of pocket for covered expenses before an insurance company will start to pay.

• The percentage of costs that an insurance company covers after the deductible is met.

• The maximum amount an individual can claim from their insurance policy.

TASFA (Texas Application for State Financial Aid)

• An application form used by eligible non-U.S. citizens to apply for state financial aid in Texas.

• A federal application for student loans and grants.

• A scholarship program for Texas residents only.

• A form for applying to Texas universities.

Premium

• The amount of money an individual or business pays for an insurance policy to provide coverage against specified risks.

• A type of insurance that covers only natural disasters.

• The total value of assets owned by an individual or business.

• A discount offered on insurance policies for early payment.

Form W-4

• A document employees use to inform their employer how much tax to withhold from their paycheck.

• A form used to apply for a job.

• A tax return form submitted at the end of the year.

• A document for reporting income from freelance work.

Postsecondary Education

• Refers to any education beyond high school, including programs such as college, university, vocational training, or trade schools.

• Refers to education that occurs during high school years.

• Refers to education that is exclusively online and does not require physical attendance.

• Refers to education that is only available to adults over the age of 25.

Form W-2

• A document used to report an employee's annual wages and the amount of taxes withheld from their paycheck by their employer.

• A form used to apply for a job at a company.

• A tax form for reporting self-employment income.

• A document for reporting business expenses.

Life Insurance

• A contract between an individual and an insurance company where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

• A type of insurance that covers medical expenses for the insured individual.

• A financial product that provides investment opportunities for the insured.

• A policy that pays out a fixed amount to the insured upon reaching a certain age.

Policy Limits

• The minimum amounts an insurance policy will pay for covered losses or claims.

• The maximum amounts an insurance policy will pay for covered losses or claims.

• The average amounts an insurance policy will pay for covered losses or claims.

• The total amounts an insurance policy will pay for covered losses or claims.

Employment Benefits

• Non-wage compensations provided to employees in addition to their regular salary, including health insurance and retirement plans.

• A type of salary increase based on performance reviews.

• A mandatory payment made by employers to government agencies.

• A bonus given to employees for meeting sales targets.

Federal Income Taxation

• The process of imposing a tax by the federal government on an individual's income, with the tax rate typically based on the taxpayer's income level.

• A tax levied on the sale of goods and services by state governments.

• A tax on property ownership assessed by local governments.

• A tax imposed on corporate profits by the federal government.