Terms and Definitions
What is a plan that may protect you from sudden and emergency costs?
Insurance
If you got in an accident that costs $800 and your insurance had a $500 deductible, how much would your insurance cover?
$300
Find the total depreciation for a car that originally cost $25,000 and has a salvage value of $550.
$24,450
Find the sales tax of a purchase of $25 if the sales tax rate is 8%
$2
What is the human's largest organ?
Skin
What is the consistent payment for insurance called?
Premium
Find the annual premium on a $95,000 straight-life insurance policy for a 40-year-old male.
$2,033.95
Using the sum-of-the-years' digits method, find the denominator of the depreciation rates for an asset with an expected life of 27 years.
378
Find the marked price if the total price was $4.25 and the tax rate was 5.25%
$4.47
What is the only planet in our solar system that rotates clockwise?
Venus
A good will depreciate from its original value to its __________ value.
Salvage/Scrap
How much are the quarterly premiums on a 50/100/25 automobile liability insurance policy for a class B driver in territory 1 if a 2% charge is added to annual premiums that are paid quarterly?
$188.19
A car was purchased for $19,580. The car is expected to be driven 125,000 miles being sold for $500. What is the unit depreciation on the car?
$0.15264
Find the tax on a home if the assessed value is $24,375 and the tax rate is $43.97 per $1000.
$1071.11
What sport was featured on the first curved U.S. coin in 2014?
Baseball
What two things may be taken from one's gross pay to for an adjusted gross pay for taxation?
Deductions and Exemptions
How much more are the annual premiums for a class A driver in territory 2 than a class A driver in territory 1 if both have 25/50/100 coverage?
$144
Using the sum-of-the-years'-digits method to make a depreciation schedule for an asset that costs $7,500 and has a salvage value of $1,500. The asset is to be used for three years.
Check chart
Using Table 17-2. find the tax of a head of a household who has a taxable income of $28,450.
$4,271
How many noses does a slug have?
Four
Name the four main lines we discussed concerning insurance.
1. Automobile
2. Health
3. House/Rental
4. Life
How much will a five-year term policy pay to the beneficiary upon the death of a 26-year-old female if she purchased the $30,000 policy at age 20?
$0 (the insurance is no longer active)
Use the double-declining-balance method to make a depreciation schedule for a piece of equipment that costs $2,780 and has a salvage value of $300. The equipment is expected to be used for four years.
Check chart
Use Table 17-3 to find the tax of a single person who has a taxable income of $188,342
$55,854.12
What influential historic figure said "For you made us for yourself, and our hearts are restless until they find their rest in you."
St. Augustine of Hippo