Insurance
What does insurance do?
It helps to financially protect you from emergencies, unexpected expenses, etc.
Policy-
The written contract between you and the insurance company, detailing what is covered and how much it costs.
What is a checking account?
A bank account that you deposit funds then you can make purchases
What is a checking account
A checking account is known as a demand deposit account. It is a bank account designed for daily transactions
you have a starting account of 750 dollars, you spend 14.25 on fast food and made a online purchase of 49.99, but then you get a paycheck deposit of 325 dollars . What is your ending balance?
1,010.76
What does health insurance protect?
Your body from unexpected emergencies
Premium-
The amount of money you pay to the insurance company to keep your policy active
What is a debit card?
A card linked to your account
What is an overdraft fee?
A fee you have to pay for using more money than you have in the account
you have a starting balance of 625, you paid 420 dollars for rent, 55 dollars for gas and 96 for groceries. but then you made a deposit of 275 what's your ending balance? and is it overdawn?
329 dollars and no it's not overdrawn.
What does life insurance protect?
Unexpected death
Claim-
A formal request you submit to your insurance company asking for payment based on the terms of your policy after a covered event or loss
What are two advantages and disadvantages of a debit card?
Two advantages are its convenient and secure. Two disadvantages are it can cause fraud and you don't build any credit on it
What fees come along with a checking account?
Some checking accounts have maintenance fees or other fees, so always ask your bank before hand.
you have a gross pay of 1,100, a federal state tax pay of 165 and insurance of 55 what is your net pay.
$88
What does renters insurance protect?
Your stuff from thefts or damage
Deductible-
The specific amount of money you must pay out-of-pocket for a covered loss before the insurance company starts paying the remaining balance
How do you write a check for the bank?
You put the payee, current date, amount (in words), amount (numeric form), memo, and your signature.
Will I be charged ATM fees?
Banks will not charge you for using their own ATMs but, you may be charged for using other banks ATMs
your loan amount is 3500, the rate is 4% your time is 3 years what is your interest and what is your total paid back?
Interest is 420 t
total is 3920
What does car insurance protect?
Your vehicle
Liability Coverage-
Insurance that pays for bodily injury or property damage to other people caused by you (or your property) and for which you are legally responsible
What happen on your bank account when you have overdraft fees?
They close your account, they can send your balance to a collection agency, they can report you to a system which prevents you from opening a new bank account in the future.
What is an opening deposit?
Many banks require an opening deposit to officially open an account, though it varies per bank you may need to deposit 25-100 dollars
Your going to but a car the price is 8570, you have a 5 year loan at 6% of interest what is your interset? and what is the total vehicle cost?
Interest is 2571
Total cost is 11,141