Multiple Choice Questions

Coverage premium claim deductible co pay
  • Your auto insurance policy has a $200 monthly premium and $700 deductible. What is the maximum amount you will have to pay out-of-pocket for a car accident before your insurance covers your costs?
  • POLICY TERMS PRACTICE
  • Insurance policy terms
  • Insurance policy- $300 premium&$500 deductible how much to pay the insurance each month?
Amounts other than taxes that have been taken out of your paycheck such as health insurance or retirement
  • Insurance
  • Deductible
  • Deductions
  • Disability Insurance
Charged on items you purchase. Most states charge sales tax every time you buy something. The sales tax percentage varies across states.
  • property tax
  • state income tax
  • sales tax
  • federal income tax
Based on how much money you earn annually. The percentage of your income that is taxed varies between states. Some states don't charge a state income tax.
  • federal income tax
  • sales tax
  • state income tax
  • social security
Until you get married, you should check the "You" box and write the amount for a single person. In this case, $10,000.
  • line 10
  • line 15
  • line 5
  • line 6
no insurance, low deductible plan, and high deductible plan
  • car maintenance
  • If you cause a car accident, which type of insurance will require you to pay the least out of pocket?
  • WHAT IS INSURANCE?
  • Sales Tax
A tax on a sale of merchandise or services (only used in some states)
  • State Income Tax
  • Property Tax
  • Federal Income Tax
  • Sales Tax
Amount you pay the insurance company for coverage. Premium payments may be due all at once or divided and paid on a regular basis usually monthly
  • Coverage
  • Deductible
  • Premium
  • Claim
Amount you are personally required to pay out of pocket toward each claim before your insurance kicks in
  • Premium
  • Deductible
  • Insurance
  • Coverage
Charged on any profit you make from selling something at a higher price than you bought it capital gains are usually from the sale of stocks bonds or property
  • Capital gains tax
  • Federal income tax
  • Property tax
  • Sales tax
A tax that pays for the retirement benefits for people who are currently retired and for future retired
  • Medicare
  • Federal Income Tax
  • State Income Tax
  • Social Security
Based on how much money you earn each year the federal gov charges income tax for everyone who earns money
  • Federal income tax
  • Sales tax
  • Social security
  • State income tax
Coverage refers to the range of protection you are eligible to receive from your insurance plan.
  • insurance
  • premium
  • coverage
  • deductible
The income tax paid to the state you live and or work in the amount of income tax varies by state and some states don't have income tax at all
  • State income tax
  • Federal income tax
  • Social security
  • Sales tax
Can protect you from paying for damages in the case of a burglary, fire, or other incident at your home. Homeowners insurance covers your home as well as your possessions inside it, while renters insurance only covers the items in your home.
  • Federal Income Tax
  • renter / homeowners insurance
  • Homeowners insurance/Renters insurance
  • deductible
Charged on any profit you make from selling something at a higher price than you bought it; usually from the sale of stocks, bonds, or property
  • Federal Income Tax
  • Property Tax
  • Sales Tax
  • Capital Gains Tax
An end-of-year tax form that is used to determine the amount of income tax owed to the IRS. If your tax situation is simpler, you can fill out a 1040EZ form - which can be submitted by paper or online.
  • 1040EZ
  • 940ez
  • 1035ez
  • 1140ez
Health insurance helps cover the cost of any medical expenses, including doctor visits, prescriptions, trips to the emergency room or stays in the hospital. The amount of coverage depends on the type of insurance policy you have.
  • Auto Insurance
  • Social security
  • health insurance
  • capital gains tax
$700
  • Maggie pays $50 a month for her health insurance policy. Maggie's $50 monthly payment is called a:
  • Maggie must pay for $1,500 worth of medical expenses out-of-pocket before her health insurance policy covers her costs. Maggie's $1,500 out-of-pocket expenses are called a:
  • Auto Insurance
  • Auto-Insurance-$200 premium&$700 deductible what is the amount you will have to pay before insurance covers your cost?
You own a home.
  • Joe went to the doctor yesterday and had to pay $20 for his visit. Joe's $20 office visit payment is called a:
  • Which of the following taxes are charged on items at the time of purchase
  • Why might you complete a 1040 instead of a 1040EZ?
  • Starting a new job, form you fill out for taxes to withhold from paycheck
monthly cost for insurance
  • Medicare
  • Deductible
  • Claim
  • Premiums
Protects other people and their cars, is required in most states
  • Deductions
  • Auto Insurance
  • WHAT IS INSURANCE?
  • Medicare
Tax that pays for the retirement benefits for people who are currently retired and for the future retired population
  • Social security
  • Medicare
  • Federal income tax
  • State income tax
Disability insurance helps cover lost income when an illness or injury prevents you from working.
  • disability insurance
  • deductions
  • social security
  • health insurance
The less your insurance policy will cost.
  • car maintenance
  • 401(k)
  • HOW INSURANCE WORKS
  • The higher your deductible
Unless you have lived in Alaska for over a year and have received unemployment compensation this year, this line will be zero.
  • line 97
  • line 13
  • line 3
  • line 6
The insurance company balances low risk drivers with high risk drivers. The insurance company charges higher rates to higher risk drivers
  • Which of the following best describes how auto insurance companies manage risk?
  • Which of the following typically have the highest auto insurance premiums?
  • Which of the following are NOT deducted on a typical pay stub:
  • In which of the following will you have to pay the least out-of-pocket for a medical expense?
Amount taken out of your paycheck to pay for taxes
  • Taxes Withheld
  • Deductions
  • Sales Tax
  • Premium
Is a way of managing risk. Without insurance, when bad things happen, you have to pay for all costs out-of-pocket.
  • Premium
  • Deductible
  • Coverage
  • Insurance
Based on how much money you earn each year; the fed. govt. charges income tax to everyone who earns money (is deducted from your paycheck and is paid to the state and federal govt)
  • Sales Tax
  • Federal Income Tax
  • Social Security
  • State Income Tax
Charged on items you purchase. Most states charge sales tax every time you buy something. The sales tax percentage varies across states
  • State income tax
  • Federal income tax
  • Property tax
  • Sales tax
low deductible plan and high deductible plan
  • car accident that was some else's fault
  • deductible
  • auto insurance
  • Insurance can help you financially protect against?
Refers to range of protection you are eligible to receive from your insurance plan
  • Premium
  • Deductible
  • Coverage
  • Insurance
To fill out line 9, add line 7 and line 8a together. Click on the amount you should write on line 9.
  • line 45
  • line 18
  • line 9
  • line 4
An insurance policy requires that you pay a premium for coverage. The deductible is the amount you must pay in the event of an accident or other claim. In general, the higher your deductible, the less your insurance policy will cost. This is because you are covering more of the cost of a potential claim.
  • auto insurance
  • property tax
  • HOW INSURANCE WORKS
  • line 3
Life insurance ensures that another person (your beneficiary) will be financially protected if you pass away. The beneficiary can be a spouse, child, parent, or another designated person or legal entity.
  • If you cause a car accident, which type of insurance will require you to pay the least out of pocket?
  • life insurance
  • HOW INSURANCE WORKS
  • auto insurance
Net Pay is how much you've made during a pay period, YTD Net Pay is how you've made this year.
  • Federal income tax
  • On a pay stub, what is the difference between "Net Pay" and YTD Net Pay"?
  • When you purchase an item in a store, you may be charged __________.
  • Jan pays $70 each month for her auto insurance policy. This regular payment is called a:
Based on how much you earn annually; the percentage of your income that is taxed varies between statesThe income tax paid to the state you live and/or work in. The amount of income tax varies by state, and some states don't have income tax at all!
  • Sales Tax
  • Federal Income Tax
  • Social Security
  • State Income Tax
Auto insurance is required by law in most states for those who drive, because it protects you and other drivers on the road. If you cause an accident, your insurance will pay for some or all of the damage caused to others and their vehicles.
  • 401k
  • If you cause a car accident, which type of insurance will require you to pay the least out of pocket?
  • auto insurance
  • life insurance
Based on the value of owned property like land buildings or houses the property tax rate depends on your state loan cap jurisdiction and the value of your property
  • life insurance
  • Property tax
  • Which of the following statements about taxes is FALSE?
  • State income tax
The deductible is the amount you are personally required to pay "out-of-pocket" toward each claim before your insurance kicks in. The cost of your deductible is in addition to your premium.
  • coverage
  • insurance
  • premium
  • deductible
Insurance is a way of managing risk. Without insurance, when bad things happen, you have to pay for all costs out-of-pocket.
  • WHAT IS INSURANCE?
  • capital gains tax
  • Sales tax
  • Social security
Health insurance with $500 deductible
  • In which of the following will you have to pay the least out-of-pocket for a medical expense?
  • Which of the following would likely be covered under homeowners insurance but NOT by renter's insurance?
  • Which of the following taxes are charged on items at the time of purchase
  • Which is an example of a withholding you might see on your pay stub?
Homeowners overs home and possessions, renters only insures items in your home
  • Deductions
  • Insurance companies consider for cost of premium:
  • Auto Insurance
  • Homeowners insurance/Renters insurance
A claim is the request you make to your insurance company for payment based on the terms of your insurance. If you get into a car accident, you may submit a claim to your auto insurance company to request they pay the repair bill for you.
  • premium
  • deductible
  • Co-pay
  • claim
Based on the value of owned property, like land, buildings, or houses. The property tax rate depends on your state, local jurisdiction, and the value of your property.
  • auto insurance
  • car accident that was some else's fault
  • HOW INSURANCE WORKS
  • property tax
An optional retirement savings plan sponsored by your employer
  • 501k
  • 402k
  • 401k
  • 2005k
Your yearly earnings.
  • Local, state, and federal taxes
  • Life Insurance
  • State income tax
  • The amount you owe in state income tax is based on:
This is what you get if you add lines 1, 2 and 3.Line 4 = Line 1 + Line 2 + Line 3Line 4 = 48,500 + 0 + 0Line 4 = 48,500
  • line 5
  • line 14
  • line 104
  • line 4
The amount you have earned in the year so far
  • MEDICARE
  • YTD
  • DEDUCTIONS
  • W-4
To fill out line 6, subtract line 5 from lineClick on the amount you should write on line 6.
  • line 6
  • line 106
  • line 1
  • line 7
Federal income tax state income tax sales tax property tax capital gains tax
  • Property Tax
  • Local, state, and federal taxes
  • State income tax
  • Types of taxes
Charged on any profit you make from selling something at a higher price than you bought it. Capital gains are usually from the sale of stocks, bonds, or property.
  • sales tax
  • federal income tax
  • property tax
  • capital gains tax
A tree branch breaks your bedroom window during a storm.
  • Jan pays $70 each month for her auto insurance policy. This regular payment is called a:
  • Which of the following typically have the highest auto insurance premiums?
  • Which of the following would likely be covered under homeowners insurance but NOT by renter's insurance?
  • In which of the following will you have to pay the least out-of-pocket for a medical expense?
Co-pay is a term used in medical insurance. It is a fixed fee that you pay for covered medical services. For example, your insurance plan may require you to pay a small sum, which is your co-pay, when you visit the doctor's office.
  • Premium
  • Deductible
  • Coverage
  • Co-pay
income
  • line 5
  • line 101
  • line 0
  • line 1
Are required charges from the government that pay for certain government services, like the fire department, public schools or police protection.
  • State income tax
  • Types of taxes
  • Local, state, and federal taxes
  • Property tax
Unexpected accidents
  • Which of the following typically have the highest auto insurance premiums?
  • Why might you complete a 1040 instead of a 1040EZ?
  • Insurance can help you financially protect against?
  • Tax that you pay when making a profit from selling a house is an example of:
insures cost of any medical expense, but the amount of coverage depends on the type of insurance policy
  • Health Insurance
  • Auto Insurance
  • federal income tax
  • Social security
Unless you make more than $1,500 in interest from bank accounts and other investments this year, this line will be zero.
  • line 4
  • line 7
  • line 0
  • line 2
Local, state, and federal taxes are required charges from the government that pay for certain government services, like the fire department, public schools or police protection.
  • The amount you owe in state income tax is based on:
  • Property tax
  • Local, state, and federal taxes
  • PAYING TAXES
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Multiple Choice Questions
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