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WorksheetsEcon.U2.Review.Pt1
Total questions: 15
Worksheet time: 8mins
Which of the following qualifies as an employer paid deduction on a paystub?
Meal reimbursement
Federal income tax
Medicare tax
State income tax
Which of the following qualifies as solely an employee paid deduction on a paystub?
401k contributions
Local income tax
Medicare tax
Social Security tax
Allowances, gifts, and wages are examples of:
income
expenses
debt
savings
Your car payment, groceries bill, and your tab at the salon are examples of:
debt
expenses
savings
income
Death, injury, or illness--or the basis of your insurance claim- is referred to as:
policy
loss
coverage
premium
If you own the vehicle you drive, your vehicle is considered a/an:
liability
expense
income source
asset
If you are on a limited budget, it is best to:
choose an insurance plan with a low deductible and budget in the monthly payments.
choose an insurance plan with a high deductible because your monthly payments will be low.
choose to not carry insurance since your money is tight already.
choose an insurance plan with a high deductible because you probably won't use the benefits anyway.
Which person has a greater chance of earning more in his or her lifetime?
Sabrina, works as a cashier at Petco
Donald, works as a high school teacher
Greg, works as a truck driver
Cecilia, works as neurosurgeon
How do you know how much life insurance to purchase?
You should purchase enough coverage to replace your income for your family if you should die.
You should purchase enough coverage to double your income for your family if you should die.
You should not purchase life insurance.
You should purchase $20,000 in life insurance.
Becca is 15 and works at the Dairy Queen. How many hours can she work during the week of April 15th?
18
40
3
10
When you purchase insurance, you are sharing risk. What does that mean?
You're participating in risky behavior with someone else.
A policyholder may not have a loss during the term of their insurance so the premium they pay goes toward covering the losses that others suffer.
The insurance company pays part of the loss and you pay part of the loss.
If the loss is probable, the insurance company will not cover you.
You pay this before the insurance company pays your claim:
deductible
loss
premium
coverage
Joss is hurt while tubing this weekend. He cannot work now, but luckily, Joss has this kind of coverage and will still have money to pay his bills:
life insurance
disability insurance
automobile insurance
renter's insurance
The __________ your education, the ____________ a person's lifetime earning potential.
higher, higher
higher, lower
lower, higher
none of the above
Which of the following would have the least amount of lifetime earning potential?
A high school dropout
An undergraduate college graduate
An associate's graduate
A doctorate graduate
