Quiz #10 Vocab

Question 0

Monthly payment to an insurance company

Answer 0

Premium

Question 1

Tool used to protect against loss or damage

Answer 1

Insurance

Question 2

Amount you must pay when you file an insurance claim

Answer 2

Deductible

Question 3

Pays a beneficiary in the event of unanticipated death of the insured

Answer 3

Life insurance

Question 4

The person you designate as a recipient of a life insurance payment

Answer 4

Beneficiary

Question 5

Pays you an income in the event of an illness or accident that prevents you from working

Answer 5

Disability insurance

Question 6

Pays for repairs and rebuilding if a home is damaged or destroyed

Answer 6

Homeowners insurance

Question 7

Covers medical expenses

Answer 7

Health insurance

Question 8

Pays for repairs to damaged cars

Answer 8

Auto insurance

Question 9

Money that has some kind of value in itself

Ex: gold, cigarettes

Answer 9

Commodity money

Question 10

Money that has no value in itself, it is only valuable because the government says it is

Answer 10

Fiat money

Question 11

All non-government business activity

Anyone who does not work directly for the government

Answer 11

Private sector

Question 12

All government related business activity

Anyone who works directly for the government

Answer 12

Public sector

Question 13

Decline in price level

Answer 13

Deflation

Question 14

Decline in rate of inflation

Answer 14

Disinflation

Question 15

Inflation in a recession (falling output with rising prices)

Answer 15

Stagflation

Question 16

Ownership of value or claim on someone else

Answer 16

Asset

Question 17

Money owed or a claim someone has on you

Answer 17

Liability