Insurance
What is an Insurance Agent?
An employee who sells insurance from one insurance company to a customer.
What does FICA stand for?
Federal Insurance Contributions Act.
What is a state bank?
A bank charted by a state government.
What are the three Cs?
-Character
-Capital
-Capacity
Define Work ethic.
Working hard, be honest, and stay committed to your work.
What is a Insurance Broker?
An independent insurance agents who sells insurance policies from one than one insurance company.
Define withholding.
Money your employer deducts from your paycheck.
Define National Banks?
Are banks character by the national government.
What is an easy way to start Credit?
By buying somethings and continue to make payments on it.
Ex: Buying a Macy's card and paying little by little on it.
Define Implement
To Carry out
Define Premium
The cost of an insurance policy.
Net incomes is the amount you receive after withholdings are...
Subtracted
What is Reserve requirement?
The regulation that requires a bank to keep a certain percentage of it deposits in its reserve account with the Fed or in its vault as in vault cash.
What property do you own to secure a loan?
-Car
-House
Describe Workplace skills.
Technology, information, interpersonal, thinking,teamwork,leadership,and communication.
Define Deductible.
The amount an insured person must pay before the insurance company pays the remainder of each covered loss according to the policy limits.
What is Form W-4?
A form that you fill out to provide the information your employees needs to determine the proper amount to withhold from your pay check.
What is RRR
Required Reserve Ratio
What does FICO stand for?
Credit Rating- Fair Isaac Corporation, which created the most widely used scale.
What are Transferable Skills ?
Skills used in many situations.
Name 4 main types of insurances
-Life
-Health
-Disability
-Auto
How are Income Taxes paid?
Based on your income and financial/ family situation.
What does FFR stand for?
Federal Funds Rate
What are the advantages and disadvantages of credit?
Advantages
-able to buy new items, Don't have to carry cash, Record of purchases, More convenient than writing checks, and consolidates bills into one payment.
Disadvantages
-Interest, May require additional fees, Financial difficulties w/ the loss of track of bills, Increased impulse buying may occur.
Define Memorandum.
A written proposal or reminder used in workplace or a professional enviorment.