Banking Institutions
Which type of bank account is the most common?
Commercial Bank
Which term refers to the tax imposed by the U.S. Government on an individual's income?
Federal Income Tax
Which type of bank account is used for everyday transactions?
Checking Account
What is the periodical bill a policy holder pays to keep their insurance coverage?
Insurance Premium
What is something that could cause harm to people's health? (Think of the various types of risk we talked about)
Health Risk
Which type of bank focuses on serving specific communities or regions?
Credit Union
Which term refers to the legal practice of minimizing tax liability by using legitimate means?
Tax Avoidance
What type of bank account allows you to safely store your money while earning interest?
Savings Account
What is the fixed amount of costs a policy holder is responsible for paying before insurance coverage starts picking up the bill?
Insurance Deductible
What is the possibility of loss of assets or earning potential or both? This could cause major personal financial hardship. (Types of risk again)
Financial Risk
Which type of institution provides financial services but does not accept deposits, such as investment firms?
Non-Depository Institutions
Which tax structure increases the tax rate as the taxable income increases?
Progressive Tax Structure
What type of account is designed specifically for retirement savings?
Individual Retirement Account (IRA)
Comprehensive Insurance
Installing a security alarm and smoke detectors are ways of employing which of the following strategies to manage risk?
Risk Reduction
Which type of bank primarily serves people with a high net worth like celebrities?
Private Banks
What is a dollar for dollar subtraction from your tax liability that determines your final tax liability?
Tax Credit
Which type of bank account has a set term and interest rate and the funds can not be withdrawn until the term ends?
Certificate of Deposit (CD)
Which type of insurance would cover the damage to the policy holder's vehicle when it is involved in an accident?
Collision Insurance
This risk management strategy simply involves accepting the risk.
Risk Retention
What type of banks offer financial advisory services, underwrites securities, and facilitates mergers and acquisitions?
Investment Bank
How is the average tax rate calculated?
Total Tax Paid divided by Total Income
Which financial account typically provides higher interest rates than regular savings accounts? These accounts are insured by the FDIC
Money Market Account
Which life insurance policy is a permanent policy in which the policy holder pays a specified premium each year for the duration of his or her entire life?
Whole Life Insurance
This risk management strategy transfers the risk to a third party, which is typically an insurance company.
Risk Transfer