Financial Decision Making/Banking
Insurance
Unit 4
Unit 5
Units 6
100

is an amount of money that is paid in exchange for using someone else’s money

Interest

100

The type of auto insurance coverage that is mandated by law

Liability Coverage

100

Yearly pay is considered a 

salary

100

A tax on goods such as alcohol, tobacco, gasoline and gambling

Excise or Sin Tax

100

Our taxes are due

April 15

200

expenses are more pressing than others or may be unexpected and must be prioritized over others

Urgent

200

Provides lifetime coverage with a transfer of wealth to beneficiaries or a cash-out of the value of your policy at any time prior to your death

Whole life insurance

200
Hourly pay is considered a 

wage

200

Take home pay is considered your:

Net Income

200

At the start of the New Year, your employer sends you this form to display your total earnings for them for the prior year.

W-2

300

 are expenses that are essential and unavoidable.


Necessities 
300
Things not covered by an insurance policy

Exclusions

300

The likelihood of new job opportunities in a given industry.


Job Outlook

300

It documents the different types of income a taxpayer received throughout the year in addition to their regular salary


1099

300

Employee contributions for health insurance and retirement plans are considered _______deductions

Pre-tax

400

people who do not have any relationship with a bank

unbanked

400

Insurance providers organize ____ _____ to distribute, or spread, the risks of some kinds of financial losses


Risk pools

400

amount of money a person is able to make in their career

earning potential

400

Laws that require employers to list a salary range for a job they list online

Pay transparency laws
400

include detailed information about worker’s earnings, including amounts earned and amounts taken out of employee pay

Pay Stubs

500

The economic context or circumstances in which a person makes financial decisions 

Economic environment

500

What is the full name for the health insurance plan that is usually the cheaper option between the two offered by your employer

Health Maintenance Organization (HMO)

500

Two major causes of changes in the economy are changes in:

Production capabilities & Consumer demands

500

Laws that allow workers to choose not to join their careers' labor union

Right to Work Labor Law

500

What is the full name for:

Tax that supports social programs such as Social Security, Medicare (elderly), Medicaid (low-income) and Disability

Employers and employees split the tax, with each paying 7.65% of the employee’s income


Federal Insurance Contribution Act

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