Consumer and Personal Finace

Question 1

Budget

Answer 1

A plan for how to save and spend your income

Question 2

Checking Account

Answer 2

Used for immediate purchases

Question 3

Claim

Answer 3

Request for payment loss

Question 4

Co-Pay

Answer 4

Amount due when a person receives health care

Question 5

Credit

Answer 5

Practice of buying goods and services now and paying for them later

Question 6

Credit Report

Answer 6

Statement that details one’s credit record

Question 7

Credit Score

Answer 7

A number assigned to designate someone’s creditworthiness

Question 8

Deductible

Answer 8

An amount paid by the person before the insurance company will pay

Question 9

Identity theft

Answer 9

Stolen Identity

Question 10

Income

Answer 10

Money received from an employer

Question 11

Interest

Answer 11

Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Question 12

Pension Plan

Answer 12

A retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker’s future benefit

Question 13

Premium

Answer 13

Amount paid for insurance coverage

Question 14

Savings Account

Answer 14

Used for future purposes

Question 15

Wages

Answer 15

Based on hours you work

Question 16

Salary

Answer 16

Not going to change no matter how many hours you work, you will still get the same each year. Based on yearly price

Question 17

Withdraw

Answer 17

Removing money from a bank account

Question 18

Work Ethic

Answer 18

Set of values based upon hard work and diligence

Question 19

What are examples of bonuses/rewards offered by credit card companies?

Answer 19

Cash Back, Air Miles, Discount on Merchandise

Question 20

What are examples of fixed expenses?

Answer 20

Health insurance
Car payments
Rent on an apartment

Question 21

What are examples of irregular yearly expenses?

Answer 21

Federal income Tax

Christmas Presents

Question 22

What workforce readiness skills do employers look for?

Answer 22

Professionalism
Oral and written communication
teamwork/ collaboration
Critical thinking/ problem solving

Question 23

What are the various types of insurance? What do they pay for? What do they protect?

Answer 23

Car insurance-
Protects-Vehicle in case of an accident or theft; Occupants in case of an accident.
Pays-For property damage and bodily injury legal costs and related expenses

Health-
Protects-Policyholder and dependents in the event of injury or illness
Pays-For doctors, hospital visits, and prescription drugs

Homeowner
Protects-Structures, land, and personal property
Pays-For damage due to fire, theft, or natural disaster

Renter’s
Protects-Personal property
Pays-For loss of or damage to personal items

Disability
Protects-Income when a person cannot work
Pays-Percentage of income when a person is out of work due to an injury or illness

Life
Protects-Family when a wage earner dies
Pays-Money to the family to meet expenses after death