What does APR and MPR stand for? How do you find them?
Annual Percentage Rate; Monthly Periodic Rate; Divide APR by 12.
300
What is the required minimum and recommended amounts for car insurance? What does each stand for?
20/40/15....100/300/50....bodily injury per person/bodily injury per accident/property damage per accident
400
describe how to fill out a check and deposit slip.
400
What is the difference between open and closed credit... secured and unsecured credit?
Close credit has a stop date, open you keep on adding purchases to. Secured credit has collateral backing it up, unsecured credit doesn't.
400
Name four uses for life insurance.
Cover funeral costs, cover mortgage, allow for family to adjust to new income, Investment opportunity.
500
when reconciling a checking account, what do you do with outstanding payments and deposits? When you are finished, which two numbers should match?
Add outstanding deposits to the statement ending balance, subtract outstanding payments. The reconciled number should match the checkbook number.
500
How do you calculate finance charges on a credit card?
multiply the MPR to the balance.
500
Henry receives a medical bill for $ 13,600. The fee-for-service plan has a 85/15 coinsurance, $ 1000 deductible. Find how much of the bill he will have to pay.