Term
| Ordinary life, whole life, universal life, and cash value life all offer what type of plan in addition to a life insurance benefit? |
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Definition
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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? |
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Definition
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Term
| What is the reason under current law for only insuring to 75% of gross income for life insurance coverage? |
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Definition
| There is an income tax exemption on life insurance benefits |
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Term
| This type of insurance must be renewed every 1, 5, or 10 years? |
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Definition
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Term
| What is the term that describes the specific part the insured pays to the insurer? |
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Definition
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Term
| What type of insurance option emphasizes high cash buildup and is also very costly? |
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Definition
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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? |
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Definition
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Term
| In a way, taking out insurance is like gambling. What is the policyholder betting on? |
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Definition
| That he/she will need to collect insurance |
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Term
| When a person dies and is insured, who receives the life insurance benefits? |
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Definition
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Term
| What form of probability is based on previous experiments and recorded outcomes to predict how likely something is to happen? |
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Definition
| Empirical, historical, or experimental probability |
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Term
| In a family, what item is usually not included in calculating necessary life-insurance coverage? |
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Definition
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Term
| What is the field of mathematics that collects and analyzes data in order to answer questions about frequencies of occurrence of specific events? |
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Definition
| Probability and statistics |
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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? |
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Definition
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Term
| What term describes a person does not work and is totally dependent, but if he/she dies, there are still burial expenses? |
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Definition
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Term
| What form of probability uses formulas and theorems to predict how likely something is to happen? |
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Definition
| Mathematical or theoretical probability |
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Term
| Provided all indebtedness and responsibilities are paid for, who of the following does NOT need life insurance? |
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Definition
| A sole-surviving family member |
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Term
| What is the set of outcomes for rolling a single number cube or six-sided die? |
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Definition
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Term
| In flipping a fair coin, what is the probability of getting “heads”? |
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Definition
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Term
| What is the set of outcomes for flipping a balanced coin ? |
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Definition
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Term
| What is the probability of getting “heads” or “tails”? |
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Definition
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Term
| What is the insurer betting on? |
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Definition
| That you, the policyholder will not need to collect insurance |
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Term
| In rolling a fair number cube or six-sided die, what is the probability of rolling a six? |
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Definition
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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. |
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Definition
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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? |
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Definition
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Term
| What is the “probability of living” plus the “probability of dying” for any individual? |
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Definition
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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. |
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Definition
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Term
| Which of the following is not a normally advertised type of life insurance? |
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Definition
| Pyramiding life insurance |
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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? |
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Definition
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Term
| In a business, what is the proper term for expense items such as facilities, rental, and insurance? |
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Definition
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Term
| What is a simple word or phrase that describes a consumer math function? |
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Definition
| Rule for computing numbers |
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Term
| A mathematical or consumer function must always calculate exactly how many different total costs in a particular month? |
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Definition
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Term
| What do you call the costs in a business such as hours of labor and quantity of raw materials? |
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Definition
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Term
| What is the consumer math function for computing the approximate expense of operating your business for a month? |
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Definition
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Term
| If a is less than b, how do we write that in symbols? |
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Definition
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Term
| What are the possible values of x called in the function y = mx + b? |
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Definition
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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. |
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Definition
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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. |
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Definition
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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. |
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Definition
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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. |
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Definition
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Term
| In the linear programming graph, the feasible region is highlighted to show what? |
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Definition
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Term
| In a linear programming graph, the best (optimal) solution always occurs at a point called what? |
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Definition
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Term
| In the linear programming graph, where is the feasible region compared with the y = 60 line? |
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Definition
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Term
| In the linear programming graph, where is the feasible region compared with the x + y = 84 line? |
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Definition
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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? |
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Definition
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Term
| In the graph, what is the (x,y) coordinate of the break-even point? |
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Definition
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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. |
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Definition
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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 |
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Definition
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Term
| What type of equation is C = Ux + F? |
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Definition
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Term
| What are the possible values of x called in the function y = mx + b? |
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Definition
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Term
| What is a simple word that describes a consumer math function? |
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Definition
| Rule for computing numbers |
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Term
| What are the possible values of C called in the function C = Ux + F? |
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Definition
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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? |
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Definition
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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? |
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Definition
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Term
| When you own a business and need to improve, or add on to your operation, what type of loan would you ask for? |
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Definition
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Term
| Immediate payback loans or fast payback loans are usually not be appropriate for what? |
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Definition
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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? |
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Definition
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Term
| Money loaned for the purpose of earning a share of the profits is called what? |
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Definition
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Term
| If the annual interest rate is r, then the monthly interest rate is what? |
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Definition
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Term
| When considering taking out a loan, as an educated adult, you need to do what? |
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Definition
| Verify all the calculations for your loan |
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Term
| What is the approximate value of 25(0.05)(1.05^20-1)? |
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Definition
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Term
| What is the proper order (beginning with first) for the operations of arithmetic? |
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Definition
| Parentheses, Exponents, Multiplication and Division, and Addition and Subtraction |
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Term
| If the annual interest rate is 12%, what is the monthly interest rate? |
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Definition
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Term
| If the annual interest rate is 10%, what is the approximate monthly interest rate? |
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Definition
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Term
| A good saying to help remember the order of operations in arithmetic is what? |
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Definition
| Please excuse my dear Aunt Sally. |
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Term
| What is the approximate value of 14(0.03)(1.03^216-1)? |
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Definition
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Term
| Which statement is incorrect? |
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Definition
| The younger the borrower, the more costly the loan |
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Term
| Immediate payback loans or fast payback loans are usually not appropriate for what? |
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Definition
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Term
| Which statement is incorrect? |
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Definition
| The higher the discount, the higher the monthly payment |
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Term
| Which of the following is NOT a good reason for using credit? |
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Definition
| To have money to buy anything you want |
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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. |
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Definition
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Term
| To borrow $2,500 at a 0.09 annual interest rate for two years, what is the approximate monthly interest rate? |
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Definition
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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. |
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Definition
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Term
| What is one of the biggest dangers in using a credit card? |
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Definition
| Overspending and not paying it off each month |
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Term
| Which type of card is not really a credit card but is sometimes used for credit purchases? |
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Definition
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Term
| What type of credit card is offered to qualified customers for primary sales of the company’s goods? |
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Definition
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Term
| What type of credit card is Visa or Discovery? |
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Definition
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Term
| What type of credit card is Diner’s Club or American Express? |
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Definition
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Term
| Credit may be extended on a credit card up to the individual’s what? |
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Definition
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Term
| What is one of the potential dangers of using a debit card for purchases? |
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Definition
| An overdraft of your checking account |
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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? |
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Definition
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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? |
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Definition
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Term
| What is another term for the reason a check cannot be cleared when an overdraft attempt occurs? |
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Definition
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