Term
Ordinary life, whole life, universal life, and cash value life all offer what type of plan in addition to a life insurance benefit? |
|
Definition
|
|
Term
In the sample life insurance premium table, Mary wants $100,000 in coverage for herself. She is a 35-year-old non-smoker. What will her insurance premium be? |
|
Definition
|
|
Term
What is the reason under current law for only insuring to 75% of gross income for life insurance coverage? |
|
Definition
There is an income tax exemption on life insurance benefits |
|
|
Term
This type of insurance must be renewed every 1, 5, or 10 years? |
|
Definition
|
|
Term
What is the term that describes the specific part the insured pays to the insurer? |
|
Definition
|
|
Term
What type of insurance option emphasizes high cash buildup and is also very costly? |
|
Definition
|
|
Term
In the sample life insurance premium table, Gerald wants $75,000 in coverage for himself and he is a 45-year-old smoker. What will his insurance premium be? |
|
Definition
|
|
Term
In a way, taking out insurance is like gambling. What is the policyholder betting on? |
|
Definition
That he/she will need to collect insurance |
|
|
Term
When a person dies and is insured, who receives the life insurance benefits? |
|
Definition
|
|
Term
What form of probability is based on previous experiments and recorded outcomes to predict how likely something is to happen? |
|
Definition
Empirical, historical, or experimental probability |
|
|
Term
In a family, what item is usually not included in calculating necessary life-insurance coverage? |
|
Definition
|
|
Term
What is the field of mathematics that collects and analyzes data in order to answer questions about frequencies of occurrence of specific events? |
|
Definition
Probability and statistics |
|
|
Term
What is the name of the special contract that pays a designated amount of money to a beneficiary on the death of the policyholder? |
|
Definition
|
|
Term
What term describes a person does not work and is totally dependent, but if he/she dies, there are still burial expenses? |
|
Definition
|
|
Term
What form of probability uses formulas and theorems to predict how likely something is to happen? |
|
Definition
Mathematical or theoretical probability |
|
|
Term
Provided all indebtedness and responsibilities are paid for, who of the following does NOT need life insurance? |
|
Definition
A sole-surviving family member |
|
|
Term
What is the set of outcomes for rolling a single number cube or six-sided die? |
|
Definition
|
|
Term
In flipping a fair coin, what is the probability of getting “heads”? |
|
Definition
|
|
Term
What is the set of outcomes for flipping a balanced coin ? |
|
Definition
|
|
Term
What is the probability of getting “heads” or “tails”? |
|
Definition
|
|
Term
What is the insurer betting on? |
|
Definition
That you, the policyholder will not need to collect insurance |
|
|
Term
In rolling a fair number cube or six-sided die, what is the probability of rolling a six? |
|
Definition
|
|
Term
In the game of “rock,” “scissors,” “paper,” if the player follows the rules and truly chooses at random, what is the probability of the opponent not selecting “scissors”? Hint: Use the complementary rule. |
|
Definition
|
|
Term
In the game of “rock,” “scissors,” “paper,” if the player follows the rules of the game and truly chooses at random, what is the probability of the opponent selecting one of the three? |
|
Definition
|
|
Term
What is the “probability of living” plus the “probability of dying” for any individual? |
|
Definition
|
|
Term
Using the table, what is the probability of death during one year for a man 35 to 44 years of age? Hint: Use the entry divided by 100,000. |
|
Definition
|
|
Term
Which of the following is not a normally advertised type of life insurance? |
|
Definition
Pyramiding life insurance |
|
|
Term
n the sample life insurance premium table, Mary wants $100,000 in coverage for herself. She is a 35-year-old smoker. What will her insurance premium be? |
|
Definition
|
|
Term
In a business, what is the proper term for expense items such as facilities, rental, and insurance? |
|
Definition
|
|
Term
What is a simple word or phrase that describes a consumer math function? |
|
Definition
Rule for computing numbers |
|
|
Term
A mathematical or consumer function must always calculate exactly how many different total costs in a particular month? |
|
Definition
|
|
Term
What do you call the costs in a business such as hours of labor and quantity of raw materials? |
|
Definition
|
|
Term
What is the consumer math function for computing the approximate expense of operating your business for a month? |
|
Definition
|
|
Term
If a is less than b, how do we write that in symbols? |
|
Definition
|
|
Term
What are the possible values of x called in the function y = mx + b? |
|
Definition
|
|
Term
What is the cost, C, of 27 HEPA air filtration systems if each system costs $2,100 to manufacture? The fixed costs are $1,300. Use C = Ux + F. |
|
Definition
|
|
Term
Solve the two business equations for when C = R. Find the value of C and x at which this happens. Use any method you wish. C = 7x and R = 2x. |
|
Definition
|
|
Term
Solve the two business equations for when C = R. Find the value of C and x at which this happens. Use any method you wish. C = 0.35x + 3 and R = 1.5x. |
|
Definition
|
|
Term
Solve the two business equations for when C = R. Find the value of C and x at which this happens. Use any method you wish. C = 0.5x + 2 and R = 2x. |
|
Definition
|
|
Term
In the linear programming graph, the feasible region is highlighted to show what? |
|
Definition
|
|
Term
In a linear programming graph, the best (optimal) solution always occurs at a point called what? |
|
Definition
|
|
Term
In the linear programming graph, where is the feasible region compared with the y = 60 line? |
|
Definition
|
|
Term
In the linear programming graph, where is the feasible region compared with the x + y = 84 line? |
|
Definition
|
|
Term
Vanessa found a less expensive “motivator” for her robot business. The old “motivator” cost $4.00; the new motivator cost $3.65. How much can she save on 220 motivators? |
|
Definition
|
|
Term
In the graph, what is the (x,y) coordinate of the break-even point? |
|
Definition
|
|
Term
What is the total cost, C, of processing 4,000 sandwiches at $0.23 per sandwich if the overhead or fixed cost is $18? Use C = Ux + F. |
|
Definition
|
|
Term
In the function C = Ux + F, if x is the horizontal variable, what is the slope of the line when the function is graphed |
|
Definition
|
|
Term
What type of equation is C = Ux + F? |
|
Definition
|
|
Term
What are the possible values of x called in the function y = mx + b? |
|
Definition
|
|
Term
What is a simple word that describes a consumer math function? |
|
Definition
Rule for computing numbers |
|
|
Term
What are the possible values of C called in the function C = Ux + F? |
|
Definition
|
|
Term
If the fixed costs remain constant in C = Ux + F, then when the value of U gets larger, what happens to the graph of the line going from left to right? |
|
Definition
|
|
Term
What type of interest is usually charged on an installment loan so that the lender can make some earnings from your use of their money? |
|
Definition
|
|
Term
When you own a business and need to improve, or add on to your operation, what type of loan would you ask for? |
|
Definition
|
|
Term
Immediate payback loans or fast payback loans are usually not be appropriate for what? |
|
Definition
|
|
Term
If Ned Nasaltone borrows $1,500 at 5% interest and pays it back in 24 monthly payments of $65.81, what is the total cost of the loan? |
|
Definition
|
|
Term
Money loaned for the purpose of earning a share of the profits is called what? |
|
Definition
|
|
Term
If the annual interest rate is r, then the monthly interest rate is what? |
|
Definition
|
|
Term
When considering taking out a loan, as an educated adult, you need to do what? |
|
Definition
Verify all the calculations for your loan |
|
|
Term
What is the approximate value of 25(0.05)(1.05^20-1)? |
|
Definition
|
|
Term
What is the proper order (beginning with first) for the operations of arithmetic? |
|
Definition
Parentheses, Exponents, Multiplication and Division, and Addition and Subtraction |
|
|
Term
If the annual interest rate is 12%, what is the monthly interest rate? |
|
Definition
|
|
Term
If the annual interest rate is 10%, what is the approximate monthly interest rate? |
|
Definition
|
|
Term
A good saying to help remember the order of operations in arithmetic is what? |
|
Definition
Please excuse my dear Aunt Sally. |
|
|
Term
What is the approximate value of 14(0.03)(1.03^216-1)? |
|
Definition
|
|
Term
Which statement is incorrect? |
|
Definition
The younger the borrower, the more costly the loan |
|
|
Term
Immediate payback loans or fast payback loans are usually not appropriate for what? |
|
Definition
|
|
Term
Which statement is incorrect? |
|
Definition
The higher the discount, the higher the monthly payment |
|
|
Term
Which of the following is NOT a good reason for using credit? |
|
Definition
To have money to buy anything you want |
|
|
Term
To borrow $2,500 at 10% annual interest for two years, what would be the monthly payment? Use M = Pm(1+m)na/((1+m)na –1). Hint m = 0.10/12, n = 2, and a = 12. |
|
Definition
|
|
Term
To borrow $2,500 at a 0.09 annual interest rate for two years, what is the approximate monthly interest rate? |
|
Definition
|
|
Term
If M = Pm(1+m)na/((1+m)na –1) and m = 0.006, P = $2,000, n = 2 years, and a = 12, find M. |
|
Definition
|
|
Term
What is one of the biggest dangers in using a credit card? |
|
Definition
Overspending and not paying it off each month |
|
|
Term
Which type of card is not really a credit card but is sometimes used for credit purchases? |
|
Definition
|
|
Term
What type of credit card is offered to qualified customers for primary sales of the company’s goods? |
|
Definition
|
|
Term
What type of credit card is Visa or Discovery? |
|
Definition
|
|
Term
What type of credit card is Diner’s Club or American Express? |
|
Definition
|
|
Term
Credit may be extended on a credit card up to the individual’s what? |
|
Definition
|
|
Term
What is one of the potential dangers of using a debit card for purchases? |
|
Definition
An overdraft of your checking account |
|
|
Term
What is the name of the act that protects you, the consumer, so that you do not have to pay if you do not receive the items you purchased? |
|
Definition
|
|
Term
What is the term for the short time after a payment on a credit card balance is due in which you can still pay without getting a late charge? |
|
Definition
|
|
Term
What is another term for the reason a check cannot be cleared when an overdraft attempt occurs? |
|
Definition
|
|