Math 1096

Question 1

Secured loans require

Answer 1

collateral

Question 2

Collateral must have a value equal to or more than the

Answer 2

face amount of the loan

Question 3

The money borrowed from a bank or lending institution is called

Answer 3

principal

Question 4

A sales tax is a

Answer 4

charge on purchases made within a certain locality

Question 5

A source of income for cities and counties is the

Answer 5

property tax

Question 6

Real property taxes are taxes on

Answer 6

land, and buildings that are attached to the land

Question 7

Personal property taxes are taxes on

Answer 7

cars, trucks, trailers, machinery, and outbuildings not attached to the land

Question 8

The market value is

Answer 8

the price the property would bring when offered on sale

Question 9

The two main types of life insurance are

Answer 9

Temporary Life Insurance and Permanent Life Insurance

Question 10

The main type of Temporay Life Insurance is

Answer 10

Term Life Insurance

Question 11

Term Life insurance has a

Answer 11

fixed premium

Question 12

The amount of life insurance is called the

Answer 12

face value of the policy

Question 13

The main type of Permanent Life Insurance is

Answer 13

Whole Life Insurance

Question 14

Whole Life Insurance policies always have..

Answer 14

A fixed premium, a guaranteed death benefit, and a guaranteed cash value growth rate

Question 15

Whole life insurance is generally the

Answer 15

most expensive type of life insurance

Question 16

Another type of Permanent Life Insurance is called

Answer 16

Universal Life Insurance

Question 17

Universal Life Insurance is the most

Answer 17

flexible of any type of Permanent Life Insurance

Question 18

List the 5 types of auto insurance coverages…

Answer 18

1. Liability
2. Collision
3. Comprehensive
4. Personal Injury Protection
5. Uninsured/Underinsured motorist

Question 19

Two types of liability coverage are

Answer 19

bodily injury liability, and property damage liability