Chapter 19

Question 1

Legal declaration that a person cannot pay back his or her debt

Answer 1

Bankruptcy

Question 2

A government health insurance program that helps states pay the medical costs of people with low income

Answer 2

Medicaid

Question 3

Coins and paper money

Answer 3

Currency

Question 4

People to whom one owes money

Answer 4

Creditors

Question 5

Advance of money to be repaid within a brief period of time

Answer 5

Short – term credit

Question 6

I government health insurance program for people ages 65 and older

Answer 6

Medicare

Question 7

Advance of money to be repaid over an extended period of time in installments

Answer 7

Long – term credit

Question 8

Property used to guarantee that A loan will be repaid

Answer 8

Collateral

Question 9

Deducting interest on a loan in advance

Answer 9

Discounting

Question 10

Amount paid to an insurance company by policyholder

Answer 10

Premium

Question 11

A government system of social insurance

Answer 11

Social Security

Question 12

Centralized banking system that regulates the nations banking policies

Answer 12

Federal Reserve system

Question 13

Insurance individuals and companies voluntarily choose to pay to cover unexpected losses

Answer 13

Private insurance

Question 14

Government programs meant to protectindividuals from future hardships and that individuals and businesses are required to pay for by state and federal laws

Answer 14

Social insurance

Question 15

Person name in an insurance policy to receive the amount of the policy when the policyholder dies

Answer 15

Beneficiary