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Financial Algebra > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

A percentage paid to the government of sales on products or services.

A

Sales Tax

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2
Q

Single numbers, such as the mean, median, and mode, designed to represent a “typical” value for the data.

A

Measures of Central Tendency

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3
Q

The sum of all the numbers in a data set divided by the number of elements in the data set, often referred to as the average.

A

Mean

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4
Q

The middle number when numbers are in ascending or descending order.

A

Median

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5
Q

Numbers in a data set that are extreme values.

A

Outlier

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6
Q

When the mean of a data set is not equal to the median.

A

Skew

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7
Q

The most often occurring value in a data set. There can be more than one.

A

Mode

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8
Q

Responsible for damages caused.

A

Liable

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9
Q

At fault for damages caused.

A

Negligent

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10
Q

The amount paid for an insurance policy.

A

Premium

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11
Q

A request for payment by a driver involved in an accident to an insurance company that provides automobile insurance for a driver.

A

Claim

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12
Q

A type of insurance that covers a person from damages; most states set minimum liability requirements.

A

Liability Insurance

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13
Q

Covers bodily injury if a driver is at fault in an accident.

A

Bodily Injury Liability

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14
Q

Insurance coverage that pays for damage a driver causes to another person’s property.

A

Property Damage Liability

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15
Q

Coverage that pays for injuries to a driver or passengers caused by a driver who has no insurance or does not have enough insurance to cover the medical losses.

A

Uninsured/Underinsured Motorist Protection

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16
Q

An added type of insurance coverage mandatory in some states, that pays for any physical injuries that the driver or the passengers sustain while in the vehicle, even if there is no traffic accident; sometimes called no-fault insurance.

A

Personal Injury Protection

17
Q

A type of insurance that covers the repair or replacement of parts of an insured car damaged by vandalism, fire, flood, wind, earthquakes, missiles, falling objects, riots, tree sprays, and other disasters; it also covers if the car is stolen.

A

Comprehensive Insurance

18
Q

A type of insurance that pays for the repair or replacement of an insured car if it is damaged in a collision with another vehicle or object, or if it overturns, no matter who is at fault. This type of insurance is usually required if there is a loan on the car.

A

Collision Insurance

19
Q

A value that tells how dispersed or spread out a data set is.

A

Range

20
Q

The distance a car travels while braking to a complete stop.

A

Braking Distance

21
Q

A statistician who predicts how many customers will submit claims based on criteria such as age, sex, marital status, driving record, and residence.

A

Actuary

22
Q

The distance a car travels during a reaction or thinking time.

A

Reaction Distance

23
Q

The time that the average, alert driver takes to switch from the gas pedal to the brake pedal; usually 0.75 second to 1.5 seconds.

A

Reaction Time

24
Q

A device that tells the rate at which the car is traveling.

A

Speedometer

25
Q

An extra fee paid to an automobile insurance company for dividing an annual premium into monthly, quarterly, or semiannual payments.

A

Surcharge

26
Q

Part of the repair or damages that a driver has to pay before the insurance company pays.

A

Deductible

27
Q

Decrease in value over time.

A

Depreciate

28
Q

Increase in value over time.

A

Appreciate

29
Q

The devaluation of a car using historical data.

A

Historical Depreciation

30
Q

A gauge on the dashboard of a car that indicates the distance the car has traveled since it left the factory.

A

Odometer

Financial Algebra (4 decks)

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