Personal living and Finance vocabulary quiz

Question 1

Tax (income)

Answer 1

companies income is used to owe the government by its tax

Question 2

Tax (sales)

Answer 2

a forced sale of property by a government entity for unpaid taxes by the properties owner

Question 3

Routing Number

Answer 3

a number used by a bank to indicate (show) different areas

Question 4

Account Number

Answer 4

A unique string of numbers and, sometimes, letters and other characters that identifies the owner of an account

Question 5

Member Number

Answer 5

A unique number that identifies you from all other Beyond Bank customers

Question 6

Venmo

Answer 6

A peer-to-peer payment system from PayPal for reansferring cash

Question 7

PayPal

Answer 7

an electronic commerce company that facilitates payments between parties through online transfers

Question 8

Security Deposit

Answer 8

A sum of money held in trust either as initial part-payment in a purchasing process

Question 9

Lease

Answer 9

A contract by which one party conveys land, property, services, etc. to another for a specified time

Question 10

Private Sale

Answer 10

event in which Property is sold by Seller, or on Seller’s behalf

Question 11

Credit Score

Answer 11

A number lenders use to help them decide how likely it is that they will be repaid on time for credit card

Question 12

Experian

Answer 12

A collection of information such as credit/loan, history, identity information, credit accounts,etc.

Question 13

TransUnion

Answer 13

An American consumer credit reporting agency

Question 14

Equifax

Answer 14

A credit bureau

Question 15

Debt to Income Ratio

Answer 15

A percentage of your gross monthly income that is used to pay your monthly debt and determines you borrowing money

Question 16

Credit History

Answer 16

A measure of your ability to repay debts and demonstrated responsibility in repaying them

Question 17

Student Loans

Answer 17

money you borrow from the federal government or a private lender to help pay for college costs

Question 18

Assets

Answer 18

Anything you own that adds financial value

Question 19

Default (loan)

Answer 19

The failure to repay a debt, including interest and principal, on a loan or security

Question 20

Insurance

Answer 20

A practice or arrangement bywhich a company or government agency provides a gurantee of compensatio…

Question 21

Deductible (Insurance)

Answer 21

The amount you pay for covered health care services before your insurance plan starts to pay

Question 22

Coverage

Answer 22

The amount or extend of the protection provided by insurance

Question 23

Policy Holder

Answer 23

A person or group in whose name an insurance policy is held

Question 24

Claim

Answer 24

When a report is filed with an insurance company

Question 25

Copay

Answer 25

A payment made by a beneficiary (especially for health services) to the addition to that made by an insurer

Question 26

Out-of-Pocket limit

Answer 26

The most you have to pay for covered services in a year

Question 27

Liability Insurance (car)

Answer 27

The part of a car insurance policy that provides financial protection for a driver who harms someone else…

Question 28

Collision Coverage

Answer 28

A coverage that helps pay to repair or replace your car if it’s damaged in an accident with another vehicle

Question 29

Comprehensive Insurance

Answer 29

A coverage that helps pay to replace or repair your vehicle if it’s stolen or damaged in an incident…

Question 30

Car Insurance

Answer 30

Effectively a contract between yourself and an insurance company in which you agree to pay premiums…

Question 31

Homeowners Insurance

Answer 31

combines property and liability insurance into one policy broken down protect from financial…

Question 32

Health Insurance

Answer 32

A contract that requires an insurer to pay some or all of a person’s healthcare costs in exchange for a premium…

Question 33

Renters Insurance

Answer 33

Necessary because a landlord’s insurance policy on the dwelling does not cover renter’s personal possesions…

Question 34

Co-insurance ( health)

Answer 34

Percentage of the cost, person is responsible for each medical event after yearly deductible is reached

Question 35

Premium (monthly)

Answer 35

The amount you pay for your health insurance every month

Question 36

HMO

Answer 36

Health Maintenance Organization

Question 37

Flexible spending accounts

Answer 37

An employer sponsored account that let’ employees pay certain medical or dependent care costs with tax-free

Question 38

Medicare

Answer 38

Provides health insurance to people over age 65