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WorksheetsBudgets, Taxes, and Insurance
Total questions: 33
Worksheet time: 16mins
A plan on how to spend and save money
Saving
Spending
Budget
Income
Basic needs that a household must pay for such as housing, groceries, healthcare, utilities, etc.
Spending
Saving
Expenses
Budget
An type of car insurance policy that provides complete protection.
Deductible
Comprehensive
Liability
Total
The amount you must pay on a claim before the insurance company will pay.
Premium
Policy
Loss
Deductible
The person to whom an insurance policy is issued.
Agent
Salesman
Broker
Policyholder
A payment made monthly, twice a year, or yearly, for an insurance policy.
Premium
Copay
Tax
Benefit
Automobile, home, and renters are types of
Property Insurance
Adjustable Insurance
Premium Insurance
Life Insurance
Chance or possibility of injury, damage, or loss that someone may want an insurance policy to cover.
Debt
Risk
Premium
Agent
To commit money to gain a profit or earn interest.
Invest
Banking
Stocks
Bonds
The amount of money an insurance policy holder must pay on a claim before the insurance company begins to pay. The higher this is, will usually result in a lower premium.
Premium
Claim
Deductible
Policy
A licensed representative who handles the purchase of insurance between the customer and the insurance company.
Business Agent
Insurance Agent
Free Agent
Bond Agent
Which of the following is a way to lower your insurance premium?
have a good driving record
be involved in sports
have a parent with you at all times
buy a sports car
Personal financial planning involves
spending
saving
investing
it involves all three
How do you begin your financial planning process
determine your current financial situation
identify your options
evaluate your alternatives
create a plan of action
Financial goals should be realistic, specific, in a clear time frame, and help you decide what type of action to take
true
false
Which of the following is an example of a SMART goal?
Purchasing a new 70-foot boat in 3 years
Starting a business in a few years that will generate $350,000
Saving $75,000 for the down payment on a home that will be purchased in 4 years
Retiring at the age of 70 with enough money to live comfortably
For which item would someone most likely need to save money in order to
purchase?
a washing machine
a tub of ice cream
dinner for two
a pair of socks
The first step in creating a budget is _________.
know your income
determine fixed expenses
determine variable expenses
review periodically
Lola is saving for a vacation. Based on the budget numbers here, how much can she put in her vacation account this month?
$32.00
$48.00
$112.00
$128.00
Kelsey bought a new jacket. The jacket costs $150.00. She will pay 8.25% in sales tax. How much money will she pay in sales tax?
$123.80
$12.38
$162.38
$273.80
What are the types of taxes a person might pay?
Check all that apply.
Sales tax
Natural tax
Income tax
Property tax
Birth tax
Which of these is a progressive tax?
airport tax
income tax
property tax
sales tax
Local Governments earn the majority of their money from...
Property tax
Sales Tax
Corporate Tax
Fees
Defense Spending falls under the category of...
Mandatory Spending
Discretionary Spending
Where does the government get most of its money?
Printed money
Taxes
Donations
What type of tax goes to help pay for medical care of people over 65 years old?
Sales Tax
Income Tax
Medicare Tax
What type of tax goes to help pay for retirement?
Property Tax
Sales Tax
Social Security Tax
Businesses don't have to pay any taxes in the United States.
True
False
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
