Chp. 18 Income and Taxes
Gross pay minus payroll deductions.
A. Variable Expense
B. Net Pay
C. Fixed Expense
D. Tax Credit
Net Pay
Record of checks, ATM transactions, deposits, and charges on an account.
A. Money Market Account (MMA)
B. Bank Statement
C. High Yield Savings Account
D. Executor
Bank Statement
Decrease in the value of property as a result of age or wear and tear.
A. Bodily Injury Liabilty
B. Exclusion
C. Umbrella Policy
D. Depreciation
Depreciation
Amount paid for working time in a week that is beyond the standard 40-hour workweek.
A. Standard Deduction
B. Tax return
C. Form W-4
D. Overtime Wage
Overtime Wage
Amount of earnings not subject to income taxes.
A) Financially Capable
B) Allowance
C)Overtime Wage
D)Earned Income
Allowance
The process of spreading risk by putting money in a variety of investments.
A. Savings Plan
B. Certificate of Deposit
C. High Yield Savings Account
D. Diversification
Diversification
Percentage of the service costs that patients pay.
A. Depreciation
B. Coinsurance
C. Whole Life Insurance
D. Dental Insurance
Coinsurance
Special type of check that the bank guarantees to pay.
A. Cashiers check
B. Personal Investment Plan
C. Roth IRA
D. Money Market Account (MMA)
Cashiers Check
Process used by individuals to manage limited income to meet personal unlimited needs and wants.
A) Tax Return
B) Personal Financial Management
C) Financially Capable
D) Earned Income
Personal Financial Management
Individual retirement account that allows individuals to contribute pre-tax income to investments that grow tax deferred.
A. Individual Retirement Account (IRA)
B. Savings Plan
C. Diversification
D. Traditional IRA
Traditional IRA
Insurance company’s examination of requests for medical treatments and procedures to make sure they are covered and the patient truly needs them.
A. Preauthorization
B. Utilization Review
C. Preexisting Condition
D. Umbrella Policy
Utilization Review
Contract with an insurance company that provides regular income for a set period of time, usually for life.
A. Diversification
B. Annuity
C. traditional IRA
D. Roth IRA
Annuity
Taxes paid by the employee and the employer that are used to finance the federal Social Security and Medicare programs.
A) Variable Expense
B) FICA Taxes
C) Tip
D) Taxable Income
FICA Taxes
Purchasing a financial product or valuable item with the goal of increasing wealth over time in spite of possible loss.
A. Postdated Check
B. Investment Portfolio
C. Certificate of Deposit
D. Investing
Investing
Insurance policy that covers loss amounts that are higher than those covered by primary policies; also known as an extended liability policy.
A. Utilization review
B. Umbrella Policy
C. Preauthorization
D. No fault auto insurance
Umbrella Policy
Insurance coverage that protects a person who is responsible for an auto accident that results in the injury or death of other parties.
A. Term Life Insurance
B. no fault auto insurance
C. Major medical insurance
D. bodily injury liability
bodily injury liability
Wage and Tax Statement that shows earnings as well as tax deductions withheld during the year.
A) Form W-2 Wage and Tax Statement
B) Tax Credit
C) Tax Liabilty
D) Standard Deduction
Form W-2 Wage and Tax Statement
Request for a financial institution to refuse to honor a check written, as long as the check has not cleared the account and already been paid.
A. Savings Plan
B. Stop Payment Order
C. Investing
D. Roth IRA
Stop Payment Order
Health-care plan in which the insurance company contracts with specific doctors, hospitals, and other health-care providers to deliver medical services and preventive care to members at reduced cost.
A. Endorsement
B. Coinsurance
C. Managed Care Plan
D. Inpatient
Managed Care Plan
Insurance that provides basic lifetime protection, as long as premiums are paid; also called straight life insurance.
A. bodily injury liabilty
B. no fault auto insurance
c. whole life insurance
d. preauthorization
whole life insurance