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WorksheetsQUIZ: Ch. 4.1 - 4.3 (Math for Finance)
Total questions: 25
Worksheet time: 39mins
Match the following
Data points that are designed to represent typical values.
Measures of Central Tendency
Three values represented by Q1, Q2, and Q3.
Quartiles
Represents the bottom 25% of data values.
Lower Quartile
Represents the highest 25% of data values.
Upper Quartile
The difference between the upper and lower quartiles.
Interquartile Range
Definition: Extreme values in a data set that differ from normal values are often referred to as an (a) . (*Hint, it starts with a vowel, and there's no 'a' in the spelling)
[Ch. 4.1 Notes, Question #4] What letter is used to represent "thousands"? For example, a $25,000 vehicle could be listed for sale at $25_
(a)
[Ch. 4.1 Notes, Question #6] What is the sales tax in Clay County, Florida? (*The Florida state tax, PLUS the extra tax from Clay County)
(a)
[Ch. 4.1 Notes, Question #7] Why would you need to know the sales tax when buying a vehicle?
To calculate how much the State is robbing you.
To calculate how much you can save on the purchase of a vehicle.
Your dad wants to surprise your mom with a brand new vehicle.
He decides to go with the Lamborghini Urus, which is valued at $240K and comes with a State sales tax at 5.5%. Registration fees are $95, the car title fee is $125, and the dealer fee is $795. Excluding the price of the SUV, how much are all of the extra charges on the SUV?
(a)
On the website Cars and Bids, you can bid on cars across North America. The Buyer who wins the auction must pay a 5.0% fee on top of the sale price, or a Minimum of $250, whichever is greater.
The following Piecewise Function represents how much the buyer has to pay after winning the auction. If the vehicle sold for less than $5K, use the 1st equation. If the vehicle sold for more than $5K, but less than $100K, use the 2nd equation. If the vehicle sold for $100K or more, use the 3rd equation:
y=x+250
y=x+(5.0% ⋅x)
y=x+7,500
How much will the buyer have to pay after the auction is complete? *Do Not Worry About Sales Tax
(a)
The Box and Whisker Plot represents the price of vehicles being driven by juniors and seniors at a local high school. The 5 points represent the MINIMUM, Q1, Q2, Q3, and MAXIMUM.
What is the value of Q1?
(a)
The Box and Whisker Plot represents the price of vehicles being driven by juniors and seniors at a local high school. The 5 points represent the MINIMUM, Q1, Q2, Q3, and MAXIMUM.
What is the value of Q2?
(a)
The Box and Whisker Plot represents the price of vehicles being driven by juniors and seniors at a local high school. The 5 points represent the MINIMUM, Q1, Q2, Q3, and MAXIMUM.
What is the value of Q3?
(a)
The Box and Whisker Plot represents the price of vehicles being driven by juniors and seniors at a local high school. The 5 points represent the MINIMUM, Q1, Q2, Q3, and MAXIMUM.
What is the value of the IQR?
(a)
The Box and Whisker Plot represents the price of vehicles being driven by juniors and seniors at a local high school. The 5 points represent the MINIMUM, Q1, Q2, Q3, and MAXIMUM.
What would be the boundary (or, starting point) for the Lower Outlier? Use Q1−1.5⋅(IQR) to find the lower boundary.
(a)
The Box and Whisker Plot represents the price of vehicles being driven by juniors and seniors at a local high school. The 5 points represent the MINIMUM, Q1, Q2, Q3, and MAXIMUM.
What would be the boundary (or, starting point) for the Upper Outlier? Use Q3+1.5⋅(IQR) to find the boundary.
(a)
Match the following
When a person is found to be responsible for the damages caused.
Liable
When a person fails to behave with the level of care that a reasonable person would have exercised under the same circumstances.
Negligent
The amount of money that you pay each month to have insurance coverage.
Premium
This is a request made to the insurance company by the policyholder to receive funds for damages caused by an accident.
Claim
Match the following
Type of insurance that covers a person from damages, especially if they are found to be negligent.
Liability Insurance
Type of insurance that pays for any physical injuries that the driver or passenger(s) sustain while in the car. This is also called Personal Injury Protection (PIP).
No-Fault Insurance
Type of insurance that covers the repair / replacement of a car that was damaged by a long list of incidents, including vandalism, fire, and flood. Pretty much anything besides crashing into another vehicle.
Comprehensive Insurance
Type of insurance that pays for the repair / replacement of an insured car in the event you crash into another vehicle.
Collision Insurance
Type of insurance that pays for towing or other services when the car is disabled.
Emergency Road Service Insurance
Match the following
Covers a personal injury if a driver is at fault in an accident.
Bodily Injury Liability (BI)
Insurance that pays for damages that a driver causes to someone's property.
Property Damage Liability (PD)
Insurance that pays for injuries to a driver or passenger(s) caused by a driver who has NO insurance, or not enough insurance.
Uninsured Motorist Protection (UMP)
This is an extra fee paid to an insurance company for dividing an annual premium into monthly, quarterly, or semi-annual payments.
Surcharge
This is part of the repair or damage that a driver has to pay BEFORE the insurance company steps in and pays the rest of the bill.
Deductible
[Ch. 4.3 Notes, Question #2] What’s one consequence for NOT having Automobile Insurance?
You can't purchase your car
You can't sell your car
You can't register your car
You can't drive your car
[Ch. 4.3 Notes, Question #4] What is the minimum amount of coverage you need for both PIP and PD, each? (*NOT the combined total of the two. Just each one individually)
(a)
[Ch. 4.3 Notes, Question #7] What is the purpose of a deductible?
The purpose of a deductible is, in the event of a car accident, to completely eliminate the risk from the driver and transfer 100% of the damages/injuries to the insurance company.
The purpose of a deductible is, in the event of a car accident, to increase the premium owed for the driver at fault during a car accident.
The purpose of a deductible is, in the event of a car accident, to completely eliminate the risk from the insurance company and transfer 100% of the damages/injuries to the driver.
The purpose of a deductible is, in the event of a car accident, to inform you how much you have to pay BEFORE the insurance company will pay the remaining balance.
[Ch. 4.3 Notes, Question #1] Select 2 reasons why drivers NEED Automobile Insurance:
Most drivers cannot afford the high costs of an accident.
Most drivers total their car in an accident and need their insurance to pay for a brand new vehicle.
In most states, they offer a financial incentive to drivers that purchase auto insurance.
In most states, the law requires drivers to have automobile insurance.
[Ch. 4.3 Notes, Question #3] Which type of automobile insurance is the most important to have?
Emergency Road Service
Collision
Liability
Uninsured Motorist Protection
(Question 1 of 2)
Miley Cyrus was hosting an outdoor concert here in Florida. During the concert, however, a dirt bike flew into the crowd like a wrecking ball and bulldozed over 20 fans and knocked out 2 of the giant speakers. They injured all 20 fans and destroyed both of the speakers.
Thankfully, the driver had auto insurance! On their policy, they had 25/150 Bodily Injury Protection. They also had $15,000 in Property Damage coverage.
If the first 10 fans experienced $5,000 in medical injuries, the other 10 fans experienced $8,000 in medical injuries each, and the speakers that were damaged cost $7,500 each, how much money would INSURANCE pay for damages to the fans and the equipment, grand total?
(a)
(Question 2 of 2)
Lil' Jon was hosting an outdoor concert here in Florida. During the concert while singing "Turn Down for What!," a dirt bike in fact showed up, knocked down 30 fans to the ground, and took out 3 of the giant speakers. They injured all 30 fans in the concert and decimated the 3 speakers.
Good news though! The driver had auto insurance!! On their policy, they had 25/150 Bodily Injury Protection. They also had $15,000 in Property Damage coverage.
If the first 15 fans experienced $5,000 in medical injuries, another 15 fans experienced $8,000 in medical injuries each, and the speakers that were damaged cost $7,500 each, how much money would THE RIDER have to pay for damages to the fans AND the equipment, grand total?
(a)
If you get into an automobile accident with another vehicle, which type of insurance covers the repairs of your vehicle?
Emergency Road Service
Which type of auto insurance covers the repairs of your garage, if another person's vehicle smashes into it?
Personal Injury Protection
Property Damage
Emergency Road Service
