INSURANCE & TAXES SHORT QUIZ

What is insurance?

(a way of managing risk) a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

a specified amount of money that the insured must pay before an insurance company will pay a claim.

A compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

A piece of paper that is given to an employee with each paycheck and that shows the amount of money that the employee earned and the amount that was removed for taxes, insurance costs, etc.

Which one of these situations will require you to pay the least out-of-pocket costs?

An insurance policy with a $500 deductible

An insurance policy with a $900 deductible

Having no insurance at all

An insurance policy with a $1,500 deductible

How is your Federal Tax income reflected on a pay-stub?

Under the taxes withheld section

Property Tax bill section

Stocks and Home sales section

On the receipt

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